(a) Fill in the missing amounts. (If answer is zero, please enter 0. Do not leave any fields blank.)
Account Titles
Trial Balance
Adjusted Trial Balance
Dr. Cr. Dr. Cr.
Accounts Receivable 34,000
Prepaid Insurance 26,000 20,000
Supplies 7,000
Accumulated Depreciation 12,000
Salaries Payable 5,000
Service Revenue 88,000 97,000
Insurance Expense
Depreciation Expense 10,000
Supplies Expense 5,000
Salaries Expense 49,000
so far i got 25000 debited on acct receivable in trial balance
i got $0 credited for salaries payable in trial balance
Also got 6000 debited in insurance expense for adjusted trial balance
I'm missing salaries expense for debit in trial balance
Also missing supplies debited for adjusted trial balance
and missing accumulated depreciation credited for adjusted trial balance
Please help, it's due in 1 hr.
Thanks in advance
.
Answer:
Trial Balance
Dr. Cr.
Accounts Receivable 25,000
Prepaid Insurance 26,000 20,000
Supplies 7,000
Salaries Payable 0 5,000
Service Revenue 88,000 97,000
Adjusted Trial Balance
Dr. Cr.
Accounts Receivable 34,000
Prepaid Insurance 26,000 20,000
Supplies 7,000 5,000
Accumulated Depreciation 12,000
Salaries Payable 0 5,000
Service Revenue 88,000 97,000
Insurance Expense 0 6,000
Depreciation Expense 0 10,000
Supplies Expense 0 5,000
Salaries Expense 49,000 0
To fill in the missing amounts in the Trial Balance and Adjusted Trial Balance, we need to analyze the given information and make some calculations.
Let's start with the missing amounts in the Trial Balance:
1. Salaries Expense (Debit in Trial Balance):
We know from the Adjusted Trial Balance that the Salaries Expense is $49,000. Therefore, we can fill in $49,000 in the Debit column for Salaries Expense in the Trial Balance.
2. Accounts Receivable (Credit in Trial Balance):
You mentioned that the Accounts Receivable is $25,000 debited in the Trial Balance. However, the given information states that the balance in Accounts Receivable is $34,000. Therefore, we need to adjust the amount in the Trial Balance. Since Accounts Receivable is an asset account and has a normal debit balance, we need to increase the balance by $9,000 (from $25,000 to $34,000). This means we need to credit $9,000 for Accounts Receivable in the Trial Balance.
3. Salaries Payable (Credit in Trial Balance):
You stated that there is no amount credited for Salaries Payable in the Trial Balance. However, the given information shows that Salaries Payable is $5,000 in the Adjusted Trial Balance. Therefore, we need to adjust the amount in the Trial Balance. Salaries Payable is a liability account and has a normal credit balance, so we need to increase the balance by $5,000. This means we need to credit $5,000 for Salaries Payable in the Trial Balance.
Now, let's move on to the missing amounts in the Adjusted Trial Balance:
1. Insurance Expense (Debit in Adjusted Trial Balance):
You mentioned that there is no amount debited for Insurance Expense in the Adjusted Trial Balance. To find the missing amount, we need to calculate it. We know that the Prepaid Insurance is $26,000 in the Trial Balance and $20,000 in the Adjusted Trial Balance. To adjust the balance, we need to decrease Prepaid Insurance by $6,000 (from $26,000 to $20,000). Since Prepaid Insurance is an asset account and has a normal debit balance, we need to debit $6,000 for Insurance Expense in the Adjusted Trial Balance.
2. Supplies (Debit in Adjusted Trial Balance):
You mentioned that there is no amount debited for Supplies in the Adjusted Trial Balance. To find the missing amount, we need to calculate it. We know that the Supplies is $7,000 in the Trial Balance. Therefore, we can add $7,000 in the Debit column for Supplies in the Adjusted Trial Balance.
3. Accumulated Depreciation (Credit in Adjusted Trial Balance):
You mentioned that there is no amount credited for Accumulated Depreciation in the Adjusted Trial Balance. However, the given information states that the balance in Accumulated Depreciation is $12,000. Therefore, we need to adjust the amount in the Adjusted Trial Balance. Accumulated Depreciation is a contra-asset account and has a normal credit balance, so we need to increase the balance by $12,000. This means we need to credit $12,000 for Accumulated Depreciation in the Adjusted Trial Balance.
Now that we have determined the missing amounts, you can fill in the Trial Balance and Adjusted Trial Balance.
To fill in the missing amounts, let's analyze the given information step by step:
1. Trial Balance:
- Accounts Receivable: $34,000 (Debit)
- Prepaid Insurance: $26,000 (Debit)
- Supplies: $7,000 (Debit)
- Accumulated Depreciation: $12,000 (Credit)
- Salaries Payable: $5,000 (Credit)
- Service Revenue: $88,000 (Debit)
- Insurance Expense: Unknown
- Depreciation Expense: Unknown
- Supplies Expense: $5,000 (Debit)
- Salaries Expense: $49,000 (Debit)
2. Adjusted Trial Balance:
- Accounts Receivable: $34,000 (Debit)
- Prepaid Insurance: $20,000 (Debit)
- Supplies: Unknown
- Accumulated Depreciation: $12,000 (Credit)
- Salaries Payable: $5,000 (Credit)
- Service Revenue: $97,000 (Credit)
- Insurance Expense: Unknown
- Depreciation Expense: $10,000 (Debit)
- Supplies Expense: $5,000 (Debit)
- Salaries Expense: $49,000 (Debit)
Now let's calculate the missing amounts:
1. Insurance Expense in Trial Balance:
- Since the adjusted trial balance has a debit entry of $6,000 for Insurance Expense, and there were no changes made in the adjusted trial balance for Prepaid Insurance, we can conclude that the Insurance Expense in the Trial Balance should be $6,000.
2. Supplies in Adjusted Trial Balance:
- Since Supplies had a debit entry of $7,000 in the Trial Balance, and there were no changes made in the adjusted trial balance for Supplies, we can conclude that the Supplies in the Adjusted Trial Balance should be $7,000.
3. Accumulated Depreciation in Adjusted Trial Balance:
- Accumulated Depreciation had a credit entry of $12,000 in the Trial Balance, and there were no changes made in the adjusted trial balance for Accumulated Depreciation, so we can conclude that the Accumulated Depreciation in the Adjusted Trial Balance should be $12,000.
Please note that the missing amounts are based on the given information and assumptions, so you should double-check against your course materials or ask your instructor if you have any specific instructions or guidelines.