The unadjusted trial balance for Laurie's Laser Games
Question and Solution
The unadjusted trial balance for Laurie's Laser Games at its fiscal year end of April 30, 2014, is as follows: Additio
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The unadjusted trial balance for Laurie's Laser Games at its fiscal year end of April 30, 2014, is as follows: Additional information: 1. On April 30, 2014, Laurie's Laser Games had earned but not collected or recorded $550 of fees earned. On May 21, 2014, Laurie's Laser Games collected this amount plus an additional $1,250 for fees earned in May. 2. There was $480 of supplies on hand on April 30, 2014. 3. The equipment has an estimated useful life of 10 years. 4. On April 30, salaries earned but not paid or recorded were $1,150. The next payday is May 8 and the employees will be paid a total of $2,290 that day. 5. The note payable has a 5% annual interest rate. Interest is paid monthly on the first of the month. The next payment is due on May 1, 2014. 6. On April 30, $1,165 of the unearned revenue had been earned. Instructions (a) Prepare adjusting journal entries for the year ended April 30, 2014, as required. (b) Prepare reversing entries where appropriate. (c) Prepare journal entries to record the May 2014 cash transactions. (d) Now assume reversing entries were not prepared as in (b) above. Prepare journal entries to record the May 2014 cash transactions. Taking It Further Why is it not appropriate to use reversing entries for all of the adjusting entries?
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