On November 1, 2014, A Company has a trial balance that looks like the following

Question

On November 1, 2014, A Company has a trial balance that looks like the following: During the month of November, 2014, the following transactions were completed: The following additional information is known at November 30, 2014 and should be used to make any appropriate adjusting journal entries: Supplies on hand was determined to be $1,000. Salaries equal to $450 are owed but not yet paid to employees. Depreciation for the month is $400. $1,500 of unearned service revenue was earned during the month.

Explanation / Answer

The detailed workings are shown below:

TOTAL OF CURRENT ASSETS AS ON 30TH NOVEMBER, 2014 Cash 3140 Accounts receivable 1860 Supplies 1000 Total Current Assets 6000

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