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Compute and input pandas adjusting journal entries

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Reference no: EM13845255

Panda Inn, Inc.

Panda Inn, Inc. is in a crunch as financial statement presentation is only one week away. Before FS presentation can take place, Panda must complete its Adjusted Trial Balance. To do this, Unadjusted TB information is needed from which adjustments may be added or subtracted. Completing the adjusted trial balance is a matter of adding or subtracting rows across after all adjustments are made.

Instructions: Please compute and input Panda's adjusting journal entries into the Adjustments columns, noting Dr. & Cr. alignment. Then complete its Adjusted TB as noted above. Lastly, compute Totals Row for all columns. Month-end AJEs must be computed and inputted based on Dr's & Cr's and the following information:

(a) Panda counted supplies at month-end and determined $760 worth were remaining.
(b) Prepaid Insurance balance decreased to $2,200.
(c) Unearned Revenue decreased to $240.
(d) Revenue earned but unrecorded amounts to $500 based on services provided.
(e) Payroll information reveals that Panda owes its employees $250.
(f) Book value on fixed assets fell from $1,800 to $1,750.


 Unadjusted Trial Balance Adjustments Adjusted Trial Balance
Account Title  Debit Credit Debit Credit Debit Credit
Cash 2,065




Accounts Receivable  2,220




Supplies 2,000




Prepaid Insurance  2.4




Land 20,000




Office Equipment  1,800




Accumulated Depr. 





Accounts Payable 
900



Wages Payable 
360



Unearned Rent 
25,000



Common  Stock  4000




Dividends
16340



Fees Earned





Rent Revenue





Wages Expense 4275




Rent Expense  1600




Depreciation Expense 





Utilities Expense  985




Supplies Expense  800




Insurance Expense 





Miscellaneous Exp.  455




Totals Row 42600 42600



Please do not write below this line. For use by Instructor Mares Bonus points given

Reference no: EM13845255

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