MGT 2380-The December 31, 2017 trial balance of Saddle Co
by | Mar 18, 2020 | Uncategorized
The December 31, 2017 trial balance of Saddle Co. included the following accounts:
Cash $956,000
Accounts receivable 30,000
Unearned service revenue 20,000
Supplies 13, 500
Prepaid insurance 12,000
Equipment 80,000
Accumulated depreciation – equipment 30,000
Salary expense 130,000
Additional data
- a) An inventory count of supplies indicated $1,500 were still on hand at year end.
- b) The prepaid insurance represents the annual premium on a policy providing coverage starting July 1, 2017.
- c) Since the last payday, employees have earned an additional $15,500 which has not yet been paid or recorded.
- d) Saddle Co. has now earned half of the unearned revenue.
- e) The equipment has an estimated life of 10 years and no expected value at the end of its life.
- f) Services performed but unbilled and uncollected at year end amounted to $9,250.
Required:
Need the necessary year-end adjusting entries as of December 31, 2017
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