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

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

FLOUNDER CORP Trial Balance October 31, 2017 Debit $15,150 2,660 690 4,700 Credit Cash Supplies Prepaid Insurance Equipment Notes Payable Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense Rent Expense $4,700 2,800 1,650 11,390 500 13,800 4,000 6,640 $34,340 $34,340

Assume the following adjustment data.

1. Supplies on hand at October 31 total $610.
2. Expired insurance for the month is $115.
3. Depreciation for the month is $95.
4. As of October 31, services worth $940 related to the previously recorded unearned revenue had been performed.
5. Services performed but unbilled (and no receivable has been recorded) at October 31 are $230.
6. Interest expense accrued at October 31 is $75.
7. Accrued salaries at October 31 are $1,535.

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.)

FLOUNDER CORP Trial Balance October 31, 2017 Debit $15,150 2,660 690 4,700 Credit Cash Supplies Prepaid Insurance Equipment Notes Payable Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense Rent Expense $4,700 2,800 1,650 11,390 500 13,800 4,000 6,640 $34,340 $34,340

Expert Answer

 

Answer:

Journal Entries

No Accounts titles and Explanation Debit credit
1 Supplies expense (2660-610) 2050
Oct.31 Supplies 2050
2 Insurance expense 115
Oct.31 Prepaid Insurance 115
3 Depreciation expense 95
Oct.31 Accumulated depreciation – equipment 95
4 Unearned service revenue 940
Oct.31 Service revenue 940
5 Accounts receivable 230
Oct.31 Service revenue 230
6 Interest expense 75
Oct.31 interest payable 75
7 Salaries and wages expense 1535
Oct.31 salaries and wages payable $1,535
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