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Show account balances before and after adjustments

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Reference no: EM132500326

Marathon Magazine, Inc., has the following account balances, among others, in its trial balance at December 31 of the current year:

                                                         Debits                           Credits

Supplies on Hand                           $4,650

Prepaid Rent                                 16,800

Unearned Subscription Fees                                    123,000

Subscriptions Revenue                                          $24,000

Salaries Expense                         261,000

  1. The inventory of supplies on hand at December 31 amounts to $720.
  2. The balance in the Prepaid Rent account is for a one-year period starting April 1 of the current year.
  3. One-third of the $24,000 balance in Unearned Subscription Fees has been earned.
  4. Since the last payday, the employees of the company have earned additional salaries in the amount of $7,420.

Question 1: Use T-Accounts to show the balances and the entries. Show account balances before and after adjustments.

Reference no: EM132500326

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