FIN621 Assignment # 1 Solution

Requirements:


A. You are required to compare the two Trial Balances given above and prepare the adjusted journal entries that cause the changes in account balances.

B. You are also required to include an explanation (narration) as part of each adjusting entry.

Solution:-

Here is Solution of 1st Part of Assignment No. 1, Please explain the entry narration yourself.
Entry No.1

Office supplies expense (Income statement items) 432

Office supplies (Balance sheets items) 432

Entry No. 2
Depreciation Machinery (Income statement items) 132

Accumulated depreciation: Machinery (Balance sheets items) 132
Entry No. 3

Salaries (Income statement items) 660

Salaries payable (Balance sheets items) 660

Entry No. 4

Unearned consulting fee (Balance sheets items) 252

Consulting fee earned (Income statement items) 252

Entry No. 5

Consulting fee receivables (Balance sheets items) 1,020

Consulting fee earned (Income statement items) 1,020