The adjusted trial balance for Sheridan Company is given below. SHERIDAN COMPANY Trial Balance August 31, 2022 Before After Adjustment Adjustment Dr. Cr. Dr. Cr. Cash $11,320 $11,320 Accounts Receivable 8,930 9,580 Supplies 2,630 1,330 Prepaid Insurance 4,000 2,640 Equipment 16,000 16,000 Accumulated Depreciation-Equipment $3,600 $4,800 Accounts Payable 5,800 5,800 Salaries and Wages Payable 1,500 Unearned Rent Revenue 2,070 1,140 Common Stock 12,390 12,390 Retained Earnings 5,340 5,340 Dividends 2,750 2,750 Service Revenue 32,590 33,240 Rent Revenue 13,320 14,250 Salaries and Wages Expense 16,870 18,370 Supplies Expense 1,300 Rent Expense 12,610 12,610 Insurance Expense 1,360 Depreciation Expense 1.200 $75,110 $75,110 $78.460 $78,460 Prepare the closing entries for the temporary accounts at August 31. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
The adjusted trial balance for Sheridan Company is given below. SHERIDAN COMPANY Trial Balance August 31, 2022 Before After Adjustment Adjustment Dr. Cr. Dr. Cr. Cash $11,320 $11,320 Accounts Receivable 8,930 9,580 Supplies 2,630 1,330 Prepaid Insurance 4,000 2,640 Equipment 16,000 16,000 Accumulated Depreciation-Equipment $3,600 $4,800 Accounts Payable 5,800 5,800 Salaries and Wages Payable 1,500 Unearned Rent Revenue 2,070 1,140 Common Stock 12,390 12,390 Retained Earnings 5,340 5,340 Dividends 2,750 2,750 Service Revenue 32,590 33,240 Rent Revenue 13,320 14,250 Salaries and Wages Expense 16,870 18,370 Supplies Expense 1,300 Rent Expense 12,610 12,610 Insurance Expense 1,360 Depreciation Expense 1.200 $75,110 $75,110 $78.460 $78,460 Prepare the closing entries for the temporary accounts at August 31. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter7: Operating Assets
Section: Chapter Questions
Problem 5MCQ: Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense at...
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Transcribed Image Text:The adjusted trial balance for Sheridan Company is given below.
SHERIDAN COMPANY
Trial Balance
August 31, 2022
Before
After
Adjustment
Adjustment
Dr.
Cr.
Dr.
Cr.
Cash
$11,320
$11,320
Accounts Receivable
8,930
9,580
Supplies
2,630
1,330
Prepaid Insurance
4,000
2,640
Equipment
16,000
16,000
Accumulated Depreciation-Equipment
$3,600
$4,800
Accounts Payable
5,800
5,800
Salaries and Wages Payable
1,500
Unearned Rent Revenue
2,070
1,140
Common Stock
12,390
12,390
Retained Earnings
5,340
5,340
Dividends
2,750
2,750
Service Revenue
32,590
33,240
Rent Revenue
13,320
14,250
Salaries and Wages Expense
16,870
18,370
Supplies Expense
1,300
Rent Expense
12,610
12,610
Insurance Expense
1,360
Depreciation Expense
1.200
$75,110
$75,110
$78.460
$78,460
Prepare the closing entries for the temporary accounts at August 31. (If no entry is required, select "No Entry" for the account titles and
enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
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