9 2016. The trial balance at December 31, 2017, before adlustments, is as follow

Question

9 2016. The trial balance at December 31, 2017, before adlustments, is as follows: Skieveland Supply Inc. adjusts and closes its accounts at the end of D Credit Debit $24,000 27,000 56,000 2,200 36,000 Cash Accounts Receivable Prepaid Rent Office Supplies 12,000 Depreciation: Equipment Accounts Payable Uneamed Ticket 21,000 Revenues Capital Stock Retained Eamings Dividend:s Salaries Expense Insurance Expense 38,000 98,600 1,000 17,000 6,400 The following information relates to December 31 adjustments: 1. Before the adjustment, the amount of office supplies was $2,200 and now the office supplies on hand on December 31 is $750. You need to make adjusting entry to record the expense for December. The useful life of the $36,000 equipment was estimated to be 6 years (straight line method). You need to make adjusting entry to record the depreciation for 2. the month of December. 3. At the beginning of December 2017, the unearned ticket revenues stand at $21,000, $12,000 worth of the tickets for December 2017's games were used. You need to record the ticket revenues for the month of December. 4. Salaries earned by Skjeveland Supply employees during the month of December but the amount of S5,500 for salaries will be paid in January. You need to record the salary expense for $$,500 for December 2016 (to pay in January).

Explanation / Answer

In the books of Skjeveland Supply Inc. :

Adjusting Entries:

Adjustment # Account Debit Credit December 31, 2017 $ $ 1. Office Supplies Expense 1,450 Office Supplies 1,450 2. Depreciation Expense 500 Accumulated Depreciation : Equipment 500 3. Unearned Ticket Revenues 12,000 Ticket Revenues 12,000 4. Salaries Expense 5,500 Salaries Payable 5,500 5. Rent Expense 7,000 Prepaid Rent 7,000

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