Question

How would you enter the following into a adjusted trial balance?
1. A physical count reveals only $500 of roofing supplies on hand.
2. Depreciation for March is $247.
3. Unearned revenue amounted to $180 at March 31.
4. Accrued salaries are $600.

Answer 1

The following items will be listed on the Adjusted Trial Balance as indicated:

Adjusted Trial Balance as of March 31

1. Debit Supplies on Hand with $500

2. Debit Depreciation Expense with $247

3. Credit Unearned revenue with $180

4. Credit Accrued Salaries with $600

What is an adjusted trial balance?

An adjusted trial balance is the trial balance prepared after making adjustments for:

• Prepayments
• Unearned revenue
• Accrued expenses and revenue
• Non-cash expenses, e.g. depreciation.

Thus, preparing an adjusted trial balance helps to ensure that the accounts are prepared in agreement with the matching concept and the accrual basis of generally accepted accounting principles.

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