Question

Problem One The unadjusted trial balance of the Rock-N-Roll Heaven  is printed below. Prepare the adjusting entries...

Problem One

The unadjusted trial balance of the Rock-N-Roll Heaven  is printed below. Prepare the adjusting entries for the following unadjusted trial balance. Be sure to format the journal entries correctly.

Rock N-Roll Heaven

Unadjusted Trial Balance

August 31, 2018

Cash

18,700

Accounts Receivable

1,830

Supplies

100

Equipment

19,000

Accum Depreciation - Equipment.

330

Accounts Payable

3,600

Unearned Rent Revenue

1,300

Salaries Payable

1,600

Notes Payable, Long-Term

5,000

Common Stock

10,000

Retained Earnings

17,800

Service Revenue

Rent Revenue

Depreciation Expense-Equipment

Supplies Expense

Salary Expense

                 

                 

39,630

39,630

1.  Depreciation for the equipment is $200.

2.  Supplies used, $55.

3.  You owe 4 days of salary to employees at August 31. A five-day payroll is $25,000.

4.  You have completed Service Revenue of $35,000 but have not yet billed the client. Record the adjustment.

5.  You have $200 of the amount in Unearned Rent Revenue still to be earned.

Journal

DATE

Description

DEBIT

CREDIT

Homework Answers

Answer #1

Adjusting entries

Journal entries
1 Depreciation expense 200
           Accumulated depreciation - equipment 200
2 Supplies expense 55
            Supplies 55
3 Salary expense 20000 (25000*4/5)
           Salaries payable 20000
4 Accounts rceeivable 35000
             Service revenue 35000
5 Unearned rent revenue 1100 (1300-200)
             Rent revenue 1100
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