1 answer

Exercise 4-11 The unadjusted trial balance for Indigo Corporation is shown below. INDIGO CORPORATION Trial Balance...

Question:

Exercise 4-11 The unadjusted trial balance for Indigo Corporation is shown below. INDIGO CORPORATION Trial Balance October 31
Exercise 4-11 The unadjusted trial balance for Indigo Corporation is shown below. INDIGO CORPORATION Trial Balance October 31, 2022 $15,410 2.770 Niobes Payable 34,650 2,210 1.490 10.730 Uneamed Service Revenue Commen Stock 10.000 Dividends Service Revenue Salaries and Wages Expense Rent Expert $29,080 Assume the following adjustment data. 1. Supplies on hand at October 31 total $560. 2. Expired insurance for the month is $125. 3. Depreciation for the month is $60. As of October 31, services worth $940 related to the previously recorded unearned revenue had been performed. Services performed but unbilled (and no receivable has been recorded) at October 31 are $230. 6. Interest expense accrued at October 31 is $70. 7. Accrued salaries at October 31 are $1,480. Prepare the adjusting entries for the items above. (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.)

Answers

No Date Account Titles and Explanation Debit Credit
1 Dec. 31 Supplies expense $2,210
Supplies $2,210
( To record supplies expense)
2 Dec. 31 Insurance expense $125
Prepaid insurance $125
( To record insurance expense)
3 Dec. 31 Depreciation expense $60
Accumulated depreciation - Equipment $60
( To record depreciation expense)
4 Dec. 31 Unearned revenue $940
Service revenue $940
( To record unearned revenue)
5 Dec.

31

Accounts receivable $230
Service revenue $230
( To record service revenue)
6 Dec. 31 Interest expense $70
Interest payable $70
( To record interest expense)
7 Dec. 31 Salaries expense $1,480
Salaries payable $1,480
( To record salaries expense)

Supplies expense = Supplies beginning - Supplies ending

= 2,770-560

= $2,210

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