The unadjusted trial balance for Novak Corp. is shown below. NOVAK CORP. Trial B

Question

The unadjusted trial balance for Novak Corp. is shown below.

NOVAK CORP.
Trial Balance
October 31, 2017

$34,170

$34,170

Assume the following adjustment data.

Prepare the adjusting entries for the items above. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

No.

Date

Account Titles and Explanation

Debit

Credit

NOVAK CORP.
Trial Balance
October 31, 2017

Debit Credit Cash $15,560 Supplies 3,070 Prepaid Insurance 690 Equipment 4,910 Notes Payable $4,910 Accounts Payable 2,180 Unearned Service Revenue 1,350 Common Stock 11,810 Retained Earnings 0 Dividends 690 Service Revenue 13,920 Salaries and Wages Expense 4,000 Rent Expense 5,250

$34,170

$34,170

Explanation / Answer

Date Accounts and Explanation Debit ($) credit($) 31-Oct Supplies Expense (3070-610) 2460             Supplies 2460 ( To record the recognition of supplies Expense) 31-Oct Insurance Expense 115             Prepaid insurance 115 (To record the recognition of insurance Expense) 31-Oct Depreciation Expense 65          Accumulated Depreciation 65 ( To record the recognition of depreciation) 31-Oct Unearned Service revenue 810           Service revenue 810 ( To record the recognition of service revenue) 31-Oct Accounts Receivable 250           Service revenue 250 ( To record the recognition of service revenue) 31-Oct Interest Expense 70         Interest payable 70 ( To record the recognition of interest expense) 31-Oct Salaries Expense 1510          Salaries payable 1510 ( To record the recognition of salaries expenses)

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