171. Hakik Enterprises offers rug cleaning services to business clients. Below is the work sheet containing the trial balance for the month ended July 31, 2012. Hakik EnterprisesWork SheetFor the...

171. Hakik Enterprises offers rug cleaning services to business clients. Below is the work sheet containing the trial balance for the month ended July 31, 2012.

Hakik Enterprises


Work Sheet


For the Month Ended July 31, 2012

Trial Balance
AdjustmentsAdjusted

Trial Balance

DebitCreditDebitCreditDebitCredit

Cash36

Prepaid Insurance12

Fees Receivable56

Supplies12

Equipment60

Accum. Depreciation12

Unearned Revenue20

Accounts Payable32

Wages Payable

Capital Stock30

Retained Earnings54

Dividends4

Service Revenue80

Advertising Expense28

Wage Expense20

Insurance Expense

Supplies Expense

Depreciation Expense

Totals228228

Enter the adjustments in the work sheet based on the data provided below. Then enter the adjusted account balances in the Adjusted Trial Balance columns.


a) The equipment is estimated to last for 5 years with no salvage value. The asset will be depreciated evenly over its useful life. Record one month’s depreciation.
b) Accrued wages, $2.
c) Unused supplies on hand, $8.
d) Of the unearned revenue, 75% has been earned.
e) Unexpired insurance remaining at the end of the month, $9.