Instructions At the end of 2016, Richards Company prepared a trial balance, reco

Question

Instructions At the end of 2016, Richards Company prepared a trial balance, recorded and posted its adjusting entries, and then Selected accounts and account balances from the trial balance and adjusted trial balance are as follows: Partial Trial Balance Partial Adjusted Trial Balance (Debit) (Credit) Debit) (Credit) $o $3,960 Depreciation Expense Interest Payable Bad Debts Expense Utilities Expense Rental Revenue Income Tax Expense Prepaid Insurance Office Salaries Payable Rent Expense Accumulated Depreciation Interest Receivable Prepaid Rent Office Salaries Expense $O $810 410 1,480 1,682 2,635 1,650 2,740 1,380 1,742 540 800 4,820 18,780 320 800 6,140 1,600 5,600

Explanation / Answer

Adjusting Entries S. No. Account Tittle Debit Credit 1 Depreciation Expense $3,960 Accumulated Depreciation $3,960 To Record Depreciation Expense 2 Interest Expense $810 Interest Payable $810 To Record Interest Expense & Payable 3 Utitlities Expense $202 Utilities Payable $202 To Record Utilities Expense 4 Rent Receivable $385 Unearned Rent $600 Rental Revenue $985 To Record Rental Revenue Receivable 5 Insurance expense $362 Prepaid Insurance Expense $362 To Record Insurance Expense 6 Office Salary Expense $540 Office Salary Payable $540 To Record Salary Expense & Payable 7 Rent Expense $800 Prepaid Rent $800 To Record Rent Expense 8 Interest Receivable $320 Interets Revenue $320 To Record Interets eceivable 9 Income Tax   Expense $2,740 Income TAx Payable $2,740 To Record Income TAx Expense & Payable 10 Bad Debt Expense $410 Allowance for Doubtful debt $410 To Record Bad debt expense 11 Office Supplies Expense $450 Office Supplies $450 To Record Office Supplies Expense 12 Sales Salaries Expense (7850-7300) $550 To Advance to Sales person (770-220) $550 To Record Adjustment of Slary advance

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