A partial trial balance of Bridgeport Corporation is as follows on December 31,

Question

A partial trial balance of Bridgeport Corporation is as follows on December 31, 2018. Dr Supplies Salaries and wages payable Interest Receivable Prepaid Insurance Unearned Rent Interest Payable $2,900 $1,500 5,500 92,800 16,200 Additional adjusting data 1. A physical count of supplies on hand on December 31, 2018, totaled $1,200 2. Through oversight, the Salaries and Wages Payable account was not changed during 2018. Accrued salaries and wages on December 31, 2018, amounted to $4,500. 3. The Interest Receivable account was also left unchanged during 2018. Accrued interest on investments amounts to $4,300 on December 31, 2018 4. The unexpired portions of the insurance policies totaled $69,500 as of December 31, 2018. 5· $29,600 was received on January 1, 2018, for the rent of a building for both 2018 and 2019.The entire amount was credited to rent revenue. 6. Depreciation on equipment for the year was erroneously recorded as $5,400 rather than the correct figure of $54,000. 7. A further review of depreciation calculations of prior years revealed that equipment depreciation of $7,300 was not recorded. It was decided that this oversight should be corrected by a prior period adjustment.

Explanation / Answer

Adjusting entry :

No Accounts & explanation debit credit 1 Supplies expense 1700 Supplies 1700 2 Salary and wages expense 3000 Salary and wages payable 3000 Interest revenue 1800 Interest receivable 1800 Insurance expense 23300 Prepaid insurance 23300 Rent revenue 14800 Unearned revenue 14800 Depreciation expense 48600 Accumlated depreciation-equipment 48600 Retained earnings 7300 Accumlated depreciation-equipment 7300

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