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The Balances of the Ledger Accounts for Oleman Services on January

Question 82

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The balances of the ledger accounts for Oleman Services on January 31, 2019, and the information needed for adjustments are shown below. Prepare the Trial Balance section, record the adjustments, and complete the worksheet.
The balances of the ledger accounts for Oleman Services on January 31, 2019, and the information needed for adjustments are shown below. Prepare the Trial Balance section, record the adjustments, and complete the worksheet. Salaries Expense 5,000 Supplies Expense -- Insurance Expense -- Utilities Expense 400 Depreciation Expense - Equipment -- Adjustment information: (a) The supplies were purchased on January 1, 2019. An inventory of supplies showed $600 on hand on January 31, 2019. (b) The amount of Prepaid Insurance represents a payment made January 1, 2019, for a six-month insurance policy. (c) The equipment, purchased January 1, 2019, has an estimated useful life of 5 years with no salvage value. The firm uses the straight-line method of depreciation.
Salaries Expense 5,000
Supplies Expense --
Insurance Expense --
Utilities Expense 400
Depreciation Expense - Equipment --

Adjustment information:
(a) The supplies were purchased on January 1, 2019. An inventory of supplies showed $600 on hand on January 31, 2019.
(b) The amount of Prepaid Insurance represents a payment made January 1, 2019, for a six-month insurance policy.
(c) The equipment, purchased January 1, 2019, has an estimated useful life of 5 years with no salvage value. The firm uses the straight-line method of depreciation.
The balances of the ledger accounts for Oleman Services on January 31, 2019, and the information needed for adjustments are shown below. Prepare the Trial Balance section, record the adjustments, and complete the worksheet. Salaries Expense 5,000 Supplies Expense -- Insurance Expense -- Utilities Expense 400 Depreciation Expense - Equipment -- Adjustment information: (a) The supplies were purchased on January 1, 2019. An inventory of supplies showed $600 on hand on January 31, 2019. (b) The amount of Prepaid Insurance represents a payment made January 1, 2019, for a six-month insurance policy. (c) The equipment, purchased January 1, 2019, has an estimated useful life of 5 years with no salvage value. The firm uses the straight-line method of depreciation. The balances of the ledger accounts for Oleman Services on January 31, 2019, and the information needed for adjustments are shown below. Prepare the Trial Balance section, record the adjustments, and complete the worksheet. Salaries Expense 5,000 Supplies Expense -- Insurance Expense -- Utilities Expense 400 Depreciation Expense - Equipment -- Adjustment information: (a) The supplies were purchased on January 1, 2019. An inventory of supplies showed $600 on hand on January 31, 2019. (b) The amount of Prepaid Insurance represents a payment made January 1, 2019, for a six-month insurance policy. (c) The equipment, purchased January 1, 2019, has an estimated useful life of 5 years with no salvage value. The firm uses the straight-line method of depreciation.

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