Pearson ACT-Corporations Geogle Chrome Secure https/fact pearsoncmg.com/activity

Question

Pearson ACT-Corporations Geogle Chrome Secure https/fact pearsoncmg.com/activityl PART 6: Prepare the Adjusted Trial Balance Prepare the Adjusted Trial Balance for Smart Touch Learning as of December 31, 2016. Enter accounts in order of assets, liabilities, common stock, dividends, revenues, and expenses. Assume all accounts have normal balances. Account Balance 1,300 100 40.930 4,100 Smart Touch Learning Accounts Receiveble djusted Trial Balance Common Shock Depreciation Expense- Fumiture Dvidends Account Tie 0930 2.000 nsurane Expense ype here to search

Explanation / Answer

Adjusted Trial Balance 31-Dec-16 Debit Credit Assets Furniture 8000 Cash 40930 Accounts receivable 1300 Unearned revenue 3500 X Unearned revenue should be recorded on the Asset side Liabilities Salaries payable 1000 Accumulated Depreciation- Furniture 100 Prepaid Insurance 900 X Prepaid insurance is a liability, expense prepaiid Common Stock 36100 Dividends 2000 X Assuming dividends are received on investments Revenues Service revenue 18200 Expenses Rent expense 2300 Depreciation expense - Furniture 100 Insurance expenses 300 Office supplies 210 Salaries expensnse 2300 Supplies expense 200 Utilities expense 360

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