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The unadjusted trial balance of McEwen Incorporated, prepare…

Posted byAnonymous October 6, 2021October 24, 2023

Questions

The unаdjusted triаl bаlance оf McEwen Incоrpоrated, prepared as of December 31, 2022, includes the following account balances. All of the accounts listed have normal balances.   Cash $ 15,000 Accounts Receivable 3,000 Supplies 1,500 Prepaid Insurance 7,200 Equipment 15,000 Accumulated Depreciation 3,000 Notes Payable (long-term) 30,000 Deferred Revenue 7,500 Service Revenue 45,000 Salaries and Wages Expense 45,000   The following information is also available:   A) After a count of supplies, there were $600 worth of supplies remaining on hand at December 31, 2022.   B) An insurance policy, purchased on January 1, 2022, covers four years.   C) The equipment depreciates at a rate of $1,500 per year; no depreciation has been recorded for 2022.    D) Three-fifths (or 60%) of the amount recorded as Deferred Revenue remains deferred as of December 31, 2022.    E) The accrued amount of salaries and wages at December 31, 2022 is $3,000.   Required:   Prepare the required adjustments for the company as of December 31, 2022.  

The unаdjusted triаl bаlance оf McEwen Incоrpоrated, prepared as of December 31, 2022, includes the following account balances. All of the accounts listed have normal balances.   Cash $ 15,000 Accounts Receivable 3,000 Supplies 1,500 Prepaid Insurance 7,200 Equipment 15,000 Accumulated Depreciation 3,000 Notes Payable (long-term) 30,000 Deferred Revenue 7,500 Service Revenue 45,000 Salaries and Wages Expense 45,000   The following information is also available:   A) After a count of supplies, there were $600 worth of supplies remaining on hand at December 31, 2022.   B) An insurance policy, purchased on January 1, 2022, covers four years.   C) The equipment depreciates at a rate of $1,500 per year; no depreciation has been recorded for 2022.    D) Three-fifths (or 60%) of the amount recorded as Deferred Revenue remains deferred as of December 31, 2022.    E) The accrued amount of salaries and wages at December 31, 2022 is $3,000.   Required:   Prepare the required adjustments for the company as of December 31, 2022.  

The unаdjusted triаl bаlance оf McEwen Incоrpоrated, prepared as of December 31, 2022, includes the following account balances. All of the accounts listed have normal balances.   Cash $ 15,000 Accounts Receivable 3,000 Supplies 1,500 Prepaid Insurance 7,200 Equipment 15,000 Accumulated Depreciation 3,000 Notes Payable (long-term) 30,000 Deferred Revenue 7,500 Service Revenue 45,000 Salaries and Wages Expense 45,000   The following information is also available:   A) After a count of supplies, there were $600 worth of supplies remaining on hand at December 31, 2022.   B) An insurance policy, purchased on January 1, 2022, covers four years.   C) The equipment depreciates at a rate of $1,500 per year; no depreciation has been recorded for 2022.    D) Three-fifths (or 60%) of the amount recorded as Deferred Revenue remains deferred as of December 31, 2022.    E) The accrued amount of salaries and wages at December 31, 2022 is $3,000.   Required:   Prepare the required adjustments for the company as of December 31, 2022.  

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