Asked by Jimmy Miller on May 08, 2024
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Kirk Enterprises offers rug cleaning services to business clients. Below is the trial balance for Kirk Enterprises, which was prepared on the end-of-period spreadsheet for the year ended July 31. REQUIRED: Enter the adjustment data in the work sheet for the transactions shown below and place the balances in the Adjusted Trial Balance columns.a) Depreciation expense, $1,000
b) Wages accrued, but not paid, $2,000.c) Supplies on hand, $8,000.d) Of the unearned revenue, 75% has been earned.e) Unexpired insurance at July 31, $9,000.
Adjustment Data
Information used to make corrections or changes to financial records and statements, ensuring accurate reporting.
Adjusted Trial Balance
A list of all accounts and their balances after adjusting entries have been made for accruals, deferrals, and other adjustments.
Wages Accrued
Wages that have been earned by employees but have not yet been paid by the period's end.
- Note and realize the critical role of adjusting entries during the preparation of financial records.
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Learning Objectives
- Note and realize the critical role of adjusting entries during the preparation of financial records.
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