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The trial balance of Large Company, Inc., at the end of its annual accounting period is as follows:
LARGE COMPANY, INC. Trial Balance December 31, 2019 |
| | |
Cash....................................................................... | $ 4,000 | |
Accounts Receivable.. | 400 | |
Prepaid Insurance................................................. | 1,200 | |
Supplies ............................................................... | 2,100 | |
Equipment ............................................................ | 20,000 | |
Accumulated DepreciationEquipment.............. | | $ 2,000 |
Owner Capital . | | 19,000 |
Owner Withdrawals ............................................. | 2,000 | |
Revenue................................................................. | | 33,000 |
Salaries Expense................................................... | 18,300 | |
Rent Expense ....................................................... | 6,000 | ______ |
Totals..................................................................... | $54,000 | $54,000 |
Additional information:
- Expired insurance, $400.
- Unused supplies, per inventory, $800.
- Estimated depreciation, $1,000.
- Earned but unpaid salaries, $700.
- Services completed for a client by year-end but the client has not been billed for those services, $500
Required:
1) Prepare adjusting entries ONLY. No need for closing or post-closing entries.
Answer & Explanation
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