E4-1 The trial balance columns of the worksheet for Briscoe Company at June 30, 2008, are as
follows.
BRISCOE COMPANY
Worksheet
For the Month Ended June 30, 2008
Trial Balance
Account Titles Dr. Cr.
Cash $2,320
Accounts Receivable 2,440
Supplies 1,880
Accounts Payable $1,120
Unearned Revenue 240
Common Stock 3,600
Service Revenue 2,400
Salaries Expense 560
Miscellaneous Expense 160
$7,360 $7,360
Other data:
1. A physical count reveals $300 of supplies on hand.
2. $100 of the unearned revenue is still unearned at month-end.
3. Accrued salaries are $280.
what's the answer these questions:1 a physical count reveals &300of supplies on hand.2&100 of the unearened revenue is still unearened at month-end.3.Accrued salaries are &280.
To answer this question, we need to calculate the adjusted trial balance for Briscoe Company as of June 30, 2008.
The adjusted trial balance is prepared by making adjustments to the trial balance based on additional information provided. Let's go through the adjustments step by step:
1. Supplies Adjustment:
- The physical count reveals $300 of supplies on hand.
- This means that the Supplies account should be decreased by $1,880 - $300 = $1,580.
Adjusted Trial Balance (Supplies):
Supplies: $1,580 (Dr.)
2. Unearned Revenue Adjustment:
- $100 of the unearned revenue is still unearned at month-end.
- This means that the Unearned Revenue account should be decreased by $240 - $100 = $140.
Adjusted Trial Balance (Unearned Revenue):
Unearned Revenue: $140 (Cr.)
3. Accrued Salaries Adjustment:
- The accrued salaries are $280.
- This means that the Salaries Expense account should be increased by $560 + $280 = $840.
Adjusted Trial Balance (Salaries Expense):
Salaries Expense: $840 (Dr.)
Now, let's update the adjusted trial balance for these adjustments:
BRISCOE COMPANY
Adjusted Trial Balance
For the Month Ended June 30, 2008
Account Titles Dr. Cr.
Cash $2,320
Accounts Receivable 2,440
Supplies 1,580
Accounts Payable $1,120
Unearned Revenue 140
Common Stock 3,600
Service Revenue 2,400
Salaries Expense 840
Miscellaneous Expense 160
$7,480 $7,480
The adjusted trial balance shows the updated balances after making the necessary adjustments based on the additional information provided.