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Slater Photography account balances at 12/31, 20x4, before recording adjusting entries:
cash $26,667 debit
prepaid insurance $450 debit
film on hand $250 debit
cameras $20,000 debit
accumulated depreciation - cameras $3,667 credit
accounts payable $7000 credit
unearned revenue $5,700 credit
note payable $3000 credit
capital stock $1000 credit
retained earnings $5800 credit
dividends $1200 debit
revenue $28000 credit
utilities expense $3200 debit
salaries expense $2400 debit
insurance policy is dated 12/1; the monthly insurance is $50.
film on hand on 12/31, 20x4, was $180
cameras were purchased on 1/1; 20x4. with an estimated life of 5 years.
the balance in unearned revenue is $2000.
interest owed by not paid on the note was $30.
salaries owed but not paid at 12/31 were $2000.

2007-10-07 07:07:53 · 2 answers · asked by Cindy S 1 in Business & Finance Personal Finance

2 answers

Total expenses after adjustments :

insurance expense $50 (1 mth)
film expenses $70 ($250 - $180)
depreciation expense - cameras $4,000 ($20k/5yrs)
interest on note payable $30
utilities expense $3200
salaries expense $4400 ($2400 + $2000)
Total : $11,750

2007-10-08 03:49:15 · answer #1 · answered by Sandy 7 · 0 0

utilities expense 3200
salaries expense 2400
insurance expense 600
total expenses = 6200

2007-10-08 07:32:17 · answer #2 · answered by Dsalah s 3 · 0 0

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