Preparing adjusting entries and preparing an adjusted trial balance This problem continues the…

Preparing adjusting entries and preparing an adjusted trial balance This problem continues the Davis Consulting situation from Problem P2-43 of Chapter 2. You will need to use the unadjusted trial balance and posted T-accounts that you prepared in Problem P2-43. The unadjusted trial balance at December 31, 2014 is duplicated below: At December 31, the business gathers the following information for the adjusting entries: a. Accrued service revenue, $550. b. Earned $700 of the service revenue collected in advance on December 21. c. Office supplies on hand, $200. d. Depreciation on equipment, $30; Depreciation on furniture, $70. e. Accrued $685 expense for administrative assistant’s salary Requirements 1. Journalize and post the adjusting entries using the T-accounts that you completed in Problem P2-43. In the T-accounts, denote each adjusting amount as Adj. and an account balance as Balance. 2. Prepare an adjusted trial balance as of December 31, 2014. P2-43 Using the worksheet to record the adjusting journal entries Showtime Theater Production Company’s partially completed worksheet as of December 31, 2014, follows. Requirements 1. Analyze the worksheet to determine the adjusting entries that account for the differences between the unadjusted trial balance and the adjusted trial balance. Complete the worksheet. Use letters  through  to label the five adjustments. 2. Journalize the adjusting entries.

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