## Answers

Answers

--Requirement [a]

Accounts title | Debit | Credit | |

#1 | Depreciation expense - Equipment | $30,000 | |

Accumulated depreciation - Equipment | $30,000 | ||

#2 | Rent Expense | $45,000 | |

Rent Payable | $45,000 | ||

#3 | Insurance expense | $15,000 | |

Prepaid Insurance | $15,000 | ||

#4 | Salaries expense | $60,000 | |

Salaries Payable | $60,000 | ||

#5 | Supplies expense ($82500 - 22500) | $60,000 | |

Supplies | $60,000 |

--Requirement [b]

Adjusted Trial Balance | ||

Accounts | Debit | Credit |

Cash | $75,000 | |

Prepaid Insurance (165000 - 15000) | $150,000 | |

Supplies | $22,500 | |

Equipment | $1,800,000 | |

Accumulated Depreciation - Equipment (337500 + 30000) | $367,500 | |

Notes payable | $300,000 | |

Accounts Payable | $180,000 | |

Salaries Payable | $60,000 | |

Rent Payable | $45,000 | |

Smith, Capital | $1,147,500 | |

Smith, Drawings | $180,000 | |

Service Revenue | $367,500 | |

Utilities expense | $30,000 | |

Depreciation expense - Equipment | $30,000 | |

Rent Expense | $45,000 | |

Insurance expense | $15,000 | |

Salaries expense | $60,000 | |

Supplies expense | $60,000 | |

Total | $2,467,500 | $2,467,500 |

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