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The following are account balances of Graham Corporation:
|
Account |
Amount in unadjusted trial balance |
Amount in adjusted trial balance |
|
Rent Receivable |
$ -0- |
$ 110 |
|
Prepaid Insurance |
1,800 |
600 |
|
Interest Payable |
-0- |
90 |
Required:
- Enter the unadjusted balance for each account in the following T-accounts: Interest Receivable, Prepaid Insurance, Interest Payable, Salaries Payable, Unearned Rent, Interest Earned, Rent Earned, Insurance Expense, Interest Expenses, and Salaries Expense.
- Reconstruct the adjusting entry that must have been recorded for each account. General ledger account numbers are not necessary.
- Post these adjusting entries and agree ending balances in each T-account to the adjusted balances above.
- List revenue and expense amounts for the period.
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