The unadjusted trial balance and adjustment data for E
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The unadjusted trial balance and adjustment data for Edge Sports Repair Shop are presented in P4-2B. Data from P4-2B A
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The unadjusted trial balance and adjustment data for Edge Sports Repair Shop are presented in P4-2B. Data from P4-2B Additional information: 1. Service revenue earned but not recorded at September 30, 2014, was $1,150. 2. The 12-month insurance policy was purchased on December 1, 2013. 3. A physical count of supplies shows $960 on hand on September 30, 2014. 4. The building has an estimated useful life of 40 years. The equipment has an estimated useful life of eight years. 5. Salaries of $975 are accrued and unpaid at September 30, 2014. 6. The mortgage payable has a 5.5% interest rate. Interest is paid on the first day of each month for the previous month's interest. 7. On September 30, 2014, one-quarter of the unearned revenue was still unearned. 8. During the next fiscal year, $5,400 of the mortgage payable is to be paid. Instructions Prepare a work sheet for the year ended September 30, 2014. Taking It Further Is it still necessary to record the adjusting entries in the journal and post them to the ledger accounts?
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