Sign In Sign Up Ask an AI advisor
omoaye
omoaye
04.11.2019 • 
Business

Option #1: preparing adjusting entries in a worksheetfollowing is the unadjusted trial balance of skylar gaming, inc. at the end of its first year of operations, december 31, 20x7: account namedr.cr.cash$71,550accounts receivable$25,200supplies$550prepaid insurance$12,000equipment$31,750accumulated depreciation-equipment$4,050accounts payable$6,700salaries payable$0unearned revenue$2,200common stock$45,700retained earnings$23,850dividends$3,500revenue$80,750depreciation expense-equipment$2,000salaries expense$4,750insurance expense$3,100rent expense$4,200supplies expense$2,500utilities expense$2,150$163,250$163,250the following additional information is available: skylar gaming, inc. needs to accrue $2,000 in salaries that will not be paid until next month.skylar gaming, inc. has earned $2,000 of the services that were paid for in advance as included in the unearned revenue account.at the end of the period, skylar gaming, inc. has provided services in the amount of $500 to another customer (john gartner). however, skylar has not billed them yet since they only issue bills at the beginning of each month.skylar gaming, inc. needs to record the annual $1,025 of depreciation on the equipment.one month of the 12-month insurance policy in prepaid insurance has been used up, and a journal entry is needed to reflect this.at the end of the period, $125 in supplies are remaining.required: prepare all necessary adjusting entries at december 31, 20x7 descriptions are not needed.using the below linked template prepare an adjusted trial balance at december 31, 20x7.using a worksheet template, prepare an income statement, statement of retained earnings, and a balance sheet.prepare closing entries including descriptions.

Solved
Show answers

Ask an AI advisor a question

I want advice