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Part 2 Required: A. Prepare adjusting entries using the information below: Feb 28th One month of...

Question:

Part 2 Required: A. Prepare adjusting entries using the information below: Feb 28th One month of the fire insurance policy ha
Stellar Student Tutoring Adjusted Trial Balance February 28, 2020 Debit Account Credit
Cash Wage Payable 31-Jan 1-Feb $ 32,000 15,000 25,000 1-Feb 7,800 1-Feb 12,300 16-Feb Interest Payable 18-Feb $ 22-Feb $ 10,5
Depreciation Expense Accum. Depr Interest Expense Accounts Payable 4,200 31-Jan 3,500 9-Feb 25-Feb $ 6,250 1,450 Unearned Rev
Common Stock 85,000 31-Jan 15,000 1.Feb 100,000 Retained Earnings 27,400 31-Jan 28-Feb $ Dividends 2,000
Stellar Student Tutoring Adjusted Trial Balance February 28, 2020 Debit
Part 2 Required: A. Prepare adjusting entries using the information below: Feb 28th One month of the fire insurance policy has expired. One month of the Feb 28th By the end of February, $4,750 of services had been provided to students who paid By the end of Febr for advanced tutoring services on Feb. 18th Unpaid salaries at the end of February as $11,600 Feb 28th Feb 28th Supplies on hand at the end of February totaled $1,500. Feb 28th Depreciation on the building for the month was $625. Feb 28th Accrued Interest associated with note payable of $1,250. B. Update General Ledger used in Part 1 C. Prepare an Adjusted Trial balance in good form
Stellar Student Tutoring Adjusted Trial Balance February 28, 2020 Debit Account Credit
Cash Wage Payable 31-Jan 1-Feb $ 32,000 15,000 25,000 1-Feb 7,800 1-Feb 12,300 16-Feb Interest Payable 18-Feb $ 22-Feb $ 10,500 40,000 3,330 25-Feb 6,250 25-Feb 2,000 28-Feb 40,820 31.Jan 11-Feb $ Accounts Receivable 11,000 35,840 $ 40,000 22-Feb 6,840 Sales Revenue 35,840 11-Feb 31-Jan 9-Feb $ $ Supplies 5,600 3,500 9,100 16-Feb $ Wage Expense 12,300 1-Feb $ Prepaid Insurance 7,800 25-Feb $ Utility Expense 3,330 Insurance Expense 28-Feb 31-Jan $ Land 68,000 Supply Expense 1-Feb $ Building 150,000
Depreciation Expense Accum. Depr Interest Expense Accounts Payable 4,200 31-Jan 3,500 9-Feb 25-Feb $ 6,250 1,450 Unearned Revenue 10,500 18-Feb Notes Payable 125,000 1-Feb Common Stock 85,000 31-Jan 15,000 1-Feb 100,000
Common Stock 85,000 31-Jan 15,000 1.Feb 100,000 Retained Earnings 27,400 31-Jan 28-Feb $ Dividends 2,000
Stellar Student Tutoring Adjusted Trial Balance February 28, 2020 Debit

Answers

Adjustment Entries
date explanation debit credit
28-Feb insurance expense 650
prepaid insurance
28-Feb unearned revenue 4750
sales revenue 4750
28-Feb wages expense 11600
wages payable 11600
28-Feb supplies expense 7600
supplies 7600
28-Feb depreciation expense 625
accumulated depreciation 625
28-Feb interest expense 1250
interest payable 1250
T-Accounts With Adjustment
Prepaid insurance
1-Feb 7800 28-Feb 650
28-Feb 7150
Insurance expese
28-Feb 650
unearned revenue
28-Feb 4750 10-Feb 10000
28-Feb 5250
sales revenue
11-Feb 35840
28-Feb 4750
40590
wages expense
13-Feb 12300
28-Feb 11600
23900
wages payable
28-Feb 11600
supplies expense
28-Feb 7600
supplies
31-Jan 5600 28-Feb 7600
9-Feb 3500
9100
28-Feb 1500
depreciation expense
28-Feb 625
accumulated depreciation
28-Feb 625
Interest expense
28-Feb 1250
Interest payable
28-Feb 1250
Trial Balance
explanation debit credit
cash 40820
A/R 6840
Supplies 1500
prepaid insurance 7150
land 68000
building 150000
accumulated depreciation 625
A/P 1450
unearned revenue 5250
notes payable 125000
common stock 100000
retained earning 27400
dividend 2000
wages payable 11600
interest payable 1250
sales revenue 40590
wage expense 23900
utility expense 3300
Insurance expense 650
supplies expense 7600
depreciation expense 625
Interest expense 1250
total 313635 313165
.

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