The following accounts are taken from the records of Trebell Ltd. at the end of its first twelve months of operations, December 31, 2016. In addition to the balances in each set of accounts, additional data are provided for adjustment purposes. Treat each set of accounts independently.
Additional information: The monthly rent is $400
Additional information: Accrued interest expense on the bank loan amounts to $150.
Additional information: Supplies still on hand amount to $300.
Additional information: Salaries owing at December 31 amount to $1,000 in total.
Additional information: Prepaid advertizing at December 31 amounts to $1,200.
Additional information: The equipment was purchased on July 1; it has an estimated useful life of 5 years.
Additional information: Rent Earned during the year should be $7,500.
Additional information: $600 was paid for a 1-year policy effective January 1, 2016.
Additional information: The December utility bill has not yet been received; the amount owing has been estimated at $225.
Required: Prepare the necessary adjusting entries at December 31, 2016. General ledger account numbers and descriptions are not necessary.
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