The ledger of Clayton Company includes the following unadjusted balances: Prepai
ID: 2423263 • Letter: T
Question
The ledger of Clayton Company includes the following unadjusted balances: Prepaid Insurance $3,201, Service Revenue $56,537, and Salaries and Wages Expense $25,943. Adjusting entries are required for (a) expired insurance $2,027; (b) services performed $1,280, but unbilled and uncollected; and (c) accrued salaries payable $844.
Enter the unadjusted balances and adjustments into a worksheet and complete the worksheet for all accounts.
CLAYTON COMPANY
Worksheet
Trial Balance
Adjustments
Adjusted Trial Balance
Income Statement
Balance Sheet
Account Titles
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CLAYTON COMPANY
Worksheet
Trial Balance
Adjustments
Adjusted Trial Balance
Income Statement
Balance Sheet
Account Titles
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Prepaid Insurance Service Revenue Salaries and Wages Expense Accounts Receivable Salaries and Wages Payable Insurance ExpenseExplanation / Answer
CLAYTON COMPANY -WORKSHEET Trial Balance Adjustments Adjusted TB Income Statement Balance Sheet Account Titles Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Prepaid Insurance 3201 2027 1174 1174 Service Revenue 56537 1280 57817 57817 Salaries & Wages Expense 25943 844 26787 26787 Accounts Receivable 1280 1280 1280 Salaries and Wages Payable 844 844 844 Insurance Expense 2027 2027 2027
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