Question

The trial balance of Star Company on October 31, 2020 is shown below.

Star Company Trial Balance October 31, 2020
Accounts	Debit	Credit
Cash	$45,000
Prepaid Insurance	99,000
Supplies	49,500
Furniture	1,080,000
Accumulated Depreciation - Furniture		$202,500
Notes Payable		180,000
Accounts Payable		108,000
Star, Capital		688,500
Star, Drawings	108,000
Service Revenue		220,500
Utilities Expense	18,000
Total	1,399,500	1,399,500

Other information:

1. Salaries owed for the month of October but will not be paid until November, 2020 was $37,500.

2. Depreciation of furniture for October was $15,000.

3. The amount of insurance that expired in the month of October was $9,000.

4. A physical count of supplies indicates $34,500 used in October.

5. Rent owed for the month of October but will not be paid until November, 2020 was $22,500.

Required:

Prepare the adjusting entries required on October 31, 2020.

Note : Answers in Word Version Please Please

Answer 1

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I don't understand what do you mean by word version. If you want my excel file I can share that too.

	Star Company
	Adjusting Entries
Event	Account	Debit $	Credit $
1	Salaries Expense	37,500.00
	Salaries Payable		37,500.00
2	Depreciation Expense- Furniture	15,000.00
	Accumulated Depreciation- Furniture		15,000.00
3	Insurance Expense	9,000.00
	Prepaid Insurance		9,000.00
4	Supplies Expense	15,000.00		This is $ 49,500- $34,500.
	Supplies		15,000.00
5	Rent Expense	22,500.00
	Rent Payable		22,500.00