Lxercise 281 Surikan Company prepares monthly financial statererts. Below are hi

Question

Lxercise 281 Surikan Company prepares monthly financial statererts. Below are hind surne selected ooeures their blences on the September 30 trial b"no bda arty antment" bem Trial Balance (Selected Accounts) $1,000 Note: Dobit coumn doestqu crelit clmn because this is a partial isting o selected account belanoes) An anohynis of the accounk balences by the compans accountant providod the wing additonal information 1. A stskcal count of office supplies reoaled $1,000 on hand on Septiomber 3 2. Atwe year ide inurance policy wa puchased on Je1 for 54,800 Recond journal entries Activate Windows 8

Explanation / Answer

Sr. No. Account Title and Explanation Debit Credit 1 Supplies Expenses $                       1,700       To Supplies($ 2,700 - $ 1000) $                        1,700 (To Record the Amount of Office Supplies Used) Insurance Expenses $                          800 2       To Prepaid Insurance $                            800 (To Record the Inusrance Expired from June to Sept) ($ 4,800/24 Months = $ 200 Per Monts X 4 Months = $ 800 3 Depreciation ($3000 / 12 Months) $                          250       To Accumulated Depreciation - Equipment $                            250 (To Record the Monthly Depreciation) 4 Unearned Rent Revenue ($1200-$300) $                          900          To Rent Revenue $                            900 (To Record the Revenue Recognised)

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