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question hakik enterprises offers rug cleaning services tobusiness clients below are 4284442

Question

Hakik Enterprises offers rug cleaning services tobusiness clients. Below are the adjustments data for the year endedJuly 31, 2010. REQUIRED: Using this information along with thespreadsheet below, record the adjusting entries in propergeneral journal form.

Adjustments:

a) The equipment is estimated to last for 5 years with no salvagevalue. The asset will be depreciated evenly over its useful life.Please record one month%u2019s depreciation.

b) Accrued Wages $2.

c) Unused supplies on hand $8.

d) Of the unearned revenue, 75% has been earned.

e) Unexpired insurance remaining at the end of the month,$9.

Hakik Enterprises

End of Period Spreadsheet (Work Sheet)

For the Year Ended July 31, 2010

 

Trial Balance

Adjustments

Adjusted Trial Balance

 

Debit

Credit

Debit

Credit

Debit

Credit

Cash

36

 

 

 

 

 

Prepaid Insurance

12

 

 

 

 

 

Fees Receivable

56

 

 

 

 

 

Supplies

12

 

 

 

 

 

Equipment

60

 

 

 

 

 

Accum. Deprec. – Equip

 

12

 

 

 

 

Unearned Revenue

 

20

 

 

 

 

Accounts Payable

 

32

 

 

 

 

Wages Payable

 

 

 

 

 

 

Ramon Hakik, Capital

 

84

 

 

 

 

Ramon Hakik, Drawings

4

 

 

 

 

 

Service Revenue

 

80

 

 

 

 

Advertising Expense

28

 

 

 

 

 

Wage Expense

20

 

 

 

 

 

Insurance Expense

 

 

 

 

 

 

Supplies Expense

 

 

 

 

 

 

Depreciation Expense

 

 

 

 

 

 

Totals

228

228

 

 

 

 

             

 

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