The balances of the ledger accounts for Buffet Services on September 30, 2013, and the information needed for adjustments are shown below. Prepare the Trial Balance section, record the adjustments, and complete the worksheet. Adjustment information:
(a) The supplies were purchased on September 1, 2013. An inventory of supplies showed $1,200 on hand on September 30, 2013.
(b) The amount of Prepaid Insurance represents a payment made September 1, 2013, for a six-month insurance policy.
(c) The equipment, purchased September 1, 2013, has an estimated useful life of 5 years with no salvage value. The firm uses the straight-line method of depreciation.

Question

The balances of the ledger accounts for Buffet Services on September 30, 2013, and the information needed for adjustments are shown below. Prepare the Trial Balance section, record the adjustments, and complete the worksheet.  Adjustment information:
(a) The supplies were purchased on September 1, 2013. An inventory of supplies showed $1,200 on hand on September 30, 2013.
(b) The amount of Prepaid Insurance represents a payment made September 1, 2013, for a six-month insurance policy.
(c) The equipment, purchased September 1, 2013, has an estimated useful life of 5 years with no salvage value. The firm uses the straight-line method of depreciation.

Quizplus · Accepted Answer

The Answer of The balances of the ledger accounts for Buffet Services on September 30, 2013, and the information needed for adjustments are shown below. Prepare the Trial Balance section, record the adjustments, and complete the worksheet.  Adjustment information:
(a) The supplies were purchased on September 1, 2013. An inventory of supplies showed $1,200 on hand on September 30, 2013.
(b) The amount of Prepaid Insurance represents a payment made September 1, 2013, for a six-month insurance policy.
(c) The equipment, purchased September 1, 2013, has an estimated useful life of 5 years with no salvage value. The firm uses the straight-line method of depreciation.

The Balances of the Ledger Accounts for Buffet Services on September