Reference no: EM132976965
Question - Niko Ong Art Gallery Trial Balance September 30, 2019
Cash 840,500
Accounts Receivable 50,000
Art Supplies 12,000
Prepaid Rent 30,000
Prepaid Insurance 18,000
Transportation Equipment 300,000
Office Equipment 50,000
Accounts Payable 37,000
Notes Payable 200,000
Utilities Payable 900
Unearned Painting Revenues 250,000
Ong, Capital 500,000
Ong, Drawing 30,000
Painting Revenues 350,000
Salaries Expense 2,500
Utilities Expense 4,900
1,337,900 1,337,900
The following are the additional information for Dec. 31, 2019.
a. Estimated doubtful accounts is 2,500.
b. The Transportation Equipment was purchased last March 1, 2019. It has a useful life of 5 years and a scrap value of 20,000.
c. Art Supplies used during the year amounted to 3,000
d. Rent Expense for the year is 20,000
e. Insurance expense for the year is 4,500.
f. The depreciation for office equipment is 1/10 of its stated value.
Requirement - Prepare the adjusting entries and the adjusted trial balance.