Essay
Miss Hap,the inexperienced accountant,made the following adjustments to the accounting system of Bank,Rupp,& Baroque,Inc.The adjustments were made based on the information below the accounting equation worksheet.
a.Unearned revenue has a December 31 balance of $50,000 before adjustment.Sixty percent of the unearned revenue has been earned by the end of the year.
b.before adjustment the office supplies account is $600.Only $200 of the supplies remain as of the end of the year.
c.Depreciated the $100,000 equipment purchased two years ago.The estimated useful life is ten years,and it has $0 residual value.
d.Interest accrues on a $2,000,10% note receivable that has been outstanding the whole year.
e.Salaries and wages earned by employees but unpaid are $4,000.
Required: Cross out any incorrect account titles or dollar amounts in the worksheet shown above.Write in the correct account titles and dollar amounts where needed.
Correct Answer:

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Correct Answer:
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