Exercise 3-13 The trial balances before and after adjustment for Turnquist Compa

Question

Exercise 3-13 The trial balances before and after adjustment for Turnquist Company at the end of its fiscal year are presented below TURNQUIST COMPANY Trial Balance August 31, 2017 Before Adjustment After Adjustment Dr Cr. Dr. Cr. Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Owner's Capital Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense $10,300 9,600 600 2,700 13,900 $10,300 8,600 2,500 3,700 13,900 $ 3,700 5,700 0 1,500 15,600 33,900 10,800 4,500 5,700 1,400 700 15,600 34,900 11,600 17,100 0 15,100 0 0 18,500 1,900 15,100 1,000 800 $71,200 $71,200 $74,400 $74,400

Explanation / Answer

31-Aug Accounts receivable Dr 1000            Service revenue Cr 1000 ( to record reveunue for service performed) 31-Aug Supplies expenses Dr 1900          Supplies Cr 1900 ( to record supplies expense for the year) 31-Aug Insurance Expense Dr 1000        Prepaid Insurance Cr 1000 (To record insurance expense for the year) 31-Aug Depriciation expense Dr 800          Accumulated Depriciation Cr 800 ( To record depriciation expense for the year) 31-Aug Salaries and wages expense Dr 1400          Salaries and wages payable Cr 1400 ( to record accrued salaries and wages) 31-Aug Unearned rent Dr 800          Rent revenue Cr 800 ( To record rent revenue)

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