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Hakik Enterprises offers rug cleaning services to business clients. Below is the trial balance for Hakik Enterprises, which was prepared on the end of period spreadsheet (work sheet) for the year ended July 31, 2010.
Hakik EnterprisesEnd of Period Spreadsheet (Work Sheet)For the Year Ended July 31, 2010
Trial Balance
Adjustments
Adjusted Trial Balance
Debit
Credit
Cash
36
Prepaid Insurance
12
Fees Receivable
56
Supplies
Equipment
60
Accum. Depreciation
Unearned Revenue
20
Accounts Payable
32
Wages Payable
Ramon Hakik, Capital
84
Ramon Hakik, Drawings
4
Service Revenue
80
Advertising Expense
28
Wage Expense
Insurance Expense
Supplies Expense
Depreciation Expense
Totals
228
REQUIRED: Enter the adjustment data in the work sheet for the transactions shown below and place the balances in the Adjusted Trial Balance columns.a) The equipment is estimated to last for 5 years with no salvage value. The asset will be depreciated evenly over its useful life. Record one months depreciation.b) Accrued Wages $2.c) Unused supplies on hand $8.d) Of the unearned revenue, 75% has been earned.e) Unexpired insurance remaining at the end of the month, $9.
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