B-03.08 Problem - B-03.08 Anthony Asher's administrative...

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B-03.08 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 , - 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 $
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B-03.08 2 of 2 The unearned revenue was collected in December of 20X7 60% of that amount was Asher Corporation's equipment had an original life of 140 months, and the straight-line
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