The Partial Unadjusted Trial Balance of Erif Corporation at December

question 162

Short Answer

The partial unadjusted trial balance of Erif Corporation at December 31, 2020 follows. All accounts have normal balances.
The following additional information is available at the December 31, 2020 year end: a. Insurance expense represents a 3-year insurance policy for the period from January 1, 2020 to December 31, 2022. b. A count of office supplies reveals that at December 31, 2020, the company had $500 of office supplies on hand. c. The company's lease, signed on January 1, 2020, specifies monthly rent of $4,000, or $48,000 a year. d. The December 2020 utility bill has not yet been received and is not included in the trial balance. The utility bill averages $400 a month. Required - Using the information above, find the balances in the following account balances, after adjustment, at December 31, 2020:
-Prepaid Rent

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Definitions:

Safety Initiative

A safety initiative is an organized effort or program designed to improve safety and reduce the risk of harm in a particular environment, such as in workplaces, schools, or public spaces.

Limited Abbreviation

The use of shortened forms of words or phrases, typically to save space or time, but restricted in scope to avoid confusion.

Excess Complexity

The state or condition where a system or process has become overly complicated, potentially leading to inefficiency or confusion.

Recognizing Process

The cognitive process involved in identifying and understanding stimuli, concepts, or objects.