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Unformatted text preview: B-03.08 1 of 2 1 of 2 2 400 Anthony Asher's administrative assistant maintains a very simple computerized general ledger system. This system includes intuitive routines for recording receipts, payments, and sales on account. However, the system is not sufficiently robust to automate end-of-period adjustments. Below is the trial balance for the month ending January 31, 20X8. This trial balance has not been adjusted for the various items that are described on the following page. Review the trial balance and narratives, and prepare the necessary adjusting entries. Asher Corporation Trial Balance January 31, 20X8 Debits Credits Cash 37,500 $ $ - Accounts Receivable 12,410- Prepaid Insurance Prepaid Insurance 2 400 ,- Supplies 7,113- Equipment 35,000- Accumulated Depreciation- 10,000 Accounts Payable- 7,569 Unearned Revenue- 8,500 Loan Payable- 15,000 Capital Stock- 24,000 Retained Earnings, Jan. 1- 15,457 Revenues- 43,995 Salary Expense 12,098- Rent Expense 13,000- Office Expense 2,500- Dividends 2,500- 124,521 $ 124,521 $ B-03.08B-03....
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This note was uploaded on 02/29/2012 for the course ACCOUNTING 101 taught by Professor Hudack during the Spring '11 term at FIU.
- Spring '11