Print Item Instructions At the end of 2016, Richards Company prepared a trial ba
ID: 2334725 • Letter: P
Question
Print Item Instructions At the end of 2016, Richards Company prepared a trial balance, recorded and posted its adjusting entries, and then prepared an adjust Selected accounts and account balances from the trial balance and adjusted trial balance are as follows ed trial balance. Partial Trial Balance Partial Adjusted Trial Balance (Debit)(Credit) (Debit) Credit) So $3,960 Depreciation Expense nterest Payable Bad Debts Expense Utilities Expense Rental Revenue ncome Tax Expense Prepaid Insurance Office Salaries Payable Rent Expense Accumulated Depreciation Interest Receivable Prepaid Rent Office Salaries Expense $0 $810 410 1,480 1,682 1,650 2,635 2,740 1,742 1,380 540 800 14,820 18,780 320 800 6,140 1,600 5,600Explanation / Answer
1 Adjusting entries 31-Dec-16 Interest expense 810 Interest payable 810 31-Dec-16 Interest receivable 320 Interest revenue 320 31-Dec-16 Utilities expense 202 Utility payable 202 31-Dec-16 Office supplies expense 450 Office supplies 450 31-Dec-16 Depreciation expense 3960 Accumulated depreciation 3960 31-Dec-16 Bad debt expense 410 Allowance for doubtful accounts 410 31-Dec-16 Unearned rent 600 Rent revenue 600 31-Dec-16 Rent receivable 385 Rent revenue 385 31-Dec-16 Income tax expense 2740 Income tax payable 2740 31-Dec-16 Insurance expense 362 Prepaid insurance 362 31-Dec-16 Office salaries expense 540 Office salaries payable 540 31-Dec-16 Rent expense 800 Prepaid rent 800 31-Dec-16 Sales salaries expense 550 Advances to sales person 550 2 Entries to be reversed 01-Jan-17 Interest payable 810 Interest expense 810 01-Jan-17 Interest revenue 320 Interest receivable 320
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