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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