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Question - The balances of the ledger accounts for Buffet Services on September 30, 2016, and the information needed for adjustments are shown below.
Account Name
Balance
Cash
$16,000
Accounts Receivable
8,200
Supplies
3,000
Prepaid Insurance
7,800
Equipment
18,600
Accumulated Depreciation-Equipment
-
Accounts Payable
6,400
Jane Buffet, Capital
45,000
Jane Buffet, Drawing
3,600
Fees Income
25,000
Advertising Expense
2,400
Rent Expense
4,200
Salaries Expense
11,200
Supplies Expense
Insurance Expense
Utilities Expense
1,400
Depreciation Expense-Equipment
Adjustment information:
(a) The supplies were purchased on September 1, 2016. An inventory of supplies showed $1,800 on hand on September 30, 2016.
(b) The amount of Prepaid Insurance represents a payment made September 1, 2016, for a six-month insurance policy.
(c) The equipment, purchased September 1, 2016, 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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