The unadjusted trial balance for Wong Pty Ltd is shown below. WONG PTY LTD Trial balance as at 31 October 2016 Debits Credits Cash $15,200 Advertising supplies 2,500 Prepaid insurance 600 Office equipment 5,000 Bank loan $5,000 Accounts payable 2,500 Unearned service revenue 1,200 Share capital 10,000 Retained earnings 0 Dividends 500 Service revenue 10,000 Salaries expense 4,000 Rent expense 900 $28,700 $28,700 Assume the following adjustment data. 1. Advertising supplies on hand at 31 October total $1,400. 2. Benefits of Prepaid insurance of $100 have expired. 3. Depreciation for the month is $50. 4. Services performed in relation to cash received in advance total $600. 5. Services performed but not invoiced at 31 October total $300. 6. Interest accrued at 31 October is $70. 7. Accrued salaries at 31 October are $1,500. Required Prepare the adjusting entries on 31 October.

The unadjusted trial balance for Wong Pty Ltd is shown below. WONG PTY LTD Trial balance as at 31 October 2016 Debits Credits Cash $15,200 Advertising supplies 2,500 Prepaid insurance 600 Office equipment 5,000 Bank loan $5,000 Accounts payable 2,500 Unearned service revenue 1,200 Share capital 10,000 Retained earnings 0 Dividends 500 Service revenue 10,000 Salaries expense 4,000 Rent expense 900 $28,700 $28,700 Assume the following adjustment data. 1. Advertising supplies on hand at 31 October total $1,400. 2. Benefits of Prepaid insurance of $100 have expired. 3. Depreciation for the month is $50. 4. Services performed in relation to cash received in advance total $600. 5. Services performed but not invoiced at 31 October total $300. 6. Interest accrued at 31 October is $70. 7. Accrued salaries at 31 October are $1,500. Required Prepare the adjusting entries on 31 October.

Name: The unadjusted trial balance for Wong Pty Ltd is shown below. WONG PT
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Description: The unadjusted trial balance for Wong Pty Ltd is shown below. WONG PTY LTD Trial balance as at 31 October 2016Debits CreditsCash $15,200Advertising supplies 2,500Prepaid insurance 600Office equipment 5,000Bank loan $5,000Accounts payable 2,500Unearn

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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