Question

The unadjusted trial balance of Icarus Drone Delivery at December​ 31, 2020​,appears below. The data needed...

The unadjusted trial balance of Icarus Drone Delivery at December​ 31, 2020​,appears below. The data needed for the​ month-end adjustments also appear below.

Required

1.

Journalize the adjusting entries on December 31.

2.

Post the adjusting entries to the​ T-accounts. Identify the posted amounts by their letter. Show the ending balance of each account.

3.

Prepare the adjusted trial balance.

a.

 Unearned delivery revenue still remaining to be earned at December​ 31,

​$880.

b.

 Prepaid rent still available at December​ 31,

$2,800.

c.

 Supplies used during the​ month,

​$490.

d.

 Amortization on drones for the​ month,

​$680.

e.

 Accrued utilities expense at December​ 31,

$225.

​(Credit Accounts​ Payable.)

f.

 Accrued salaries expense at December​ 31,

​$1,980.
Business   Accounting   
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Answer #1

As no trial balance is given so I can make adjusted trial balance, I am writing this for journal entries:-

a. Unearned Delivery Revenue Dr. $880

Delivery Revenue Cr. $880

( Being revenue earned but no received)

b Prepaid Rent Dr. $2800

Rent Cr. $2800

( Being rent paid in advance but not incurred)

c. Supplies Dr. $490

Accounts Payable Cr. $490

( Being supplies purchased)

d. Amortization Dr. $680

Drones Cr. $680

( Being amortization charged on drone)

e. Utility Expense Dr. $225

Accrued Utlity Expense Cr. $225

( Being accrued expenses of utility)

f. Salary Expense Dr. $1980

Accrued Salary Expense Cr. $1980

( Being accrued expenses of salary)

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