Problems (10 pts each) ( show your work for partial credit) Deborah Consultants had the following balances before passing adjusting entries in the books on December 31, 2015. Cash $6,000 Deborah, Withdrawals $3,000 Accounts Receivable 2,000 Service Revenue 10,600 Office Supplies 1,800 Salaries Expense 4,000 Equipment 15,000 Rent Expense 800 Accumulated Depreciation— Depreciation Expense— Equipment 9,000 Equipment 1,500 Deborah, Capital 15,000 Supplies Expense 500 Prepare the adjusted trial balance after considering these adjustments: a. Office Supplies used, $800. Assume the office supplies were initially recorded as an asset. b. Accrued salaries on December 31, $600. c. Revenue accrued but not recorded, $200. A company received $5,000 for 100 one-year subscriptions on July 1. The journal entry to record this is On July 1, Alpha Company paid rent of $15,000 for a small equipment storage area for the period of July 1 till December 31. Provide the adjusting journal entry on July 31. Assume the prepaid expense is initially recorded as an asset. ABC Company signed a one-year $48,000 note payable at 8% interest on May 1, 2014. If ABC only adjusts their accounts once a year at year-end, how much interest expense was accrued on December 31, 2014? The balances of select accounts of Sandra Company as at December 31, 2015 are given below: The insurance has been prepaid for the next half year. are the total current assets that would be shown on the balance sheet? Education for All sells tickets in advance for their weekly productions and records the proceeds as Unearned Revenue. At the end of each month, Education for All makes an adjusting entry to account for the tickets used during the month (ticket revenue.) On March 1, the Unearned Revenue account had a credit balance of $4,000. During March, they sold 300 tickets at $20 each and 250 tickets were used during the month. is the balance in Unearned Revenue at the end of March?
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