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The Following Unadjusted Account Balances and Adjustment Data Are for Nugent

question 107

Essay

The following unadjusted account balances and adjustment data are for Nugent Consulting as of December 31, 2019: $\begin{array} { l r } \text { Cash } & \$ 12,900 \\\text { Prepaid insurance } & 2,000 \\\text { Office supplies } & 1,300 \\\text { office equipment } & 10,500 \\\text { Accumulated amort.-office equipment } & 3,500 \\\text { Accounts payable } & 2,900 \\\text { Salary payable } & 0 \\\text { Unearned service revenue } & 4,500 \\\text { Neela Nugent, Capital } & 11,750 \\\text { Neela Nugent, Withdrawals } & 5,600 \\\text { Service revenue } & 13,350 \\\text { Salary expense } & 3,700 \\\text { Amort. expense-office equipment } & 0 \\\text { Supplies expense } & 0 \\\text { Insurance expense } & 0\end{array}$ Adjustment data:
Office supplies on hand December 31, 2019, $250
Prepaid insurance expired during 2019, $325
Unearned service revenue, December 31, 2019, $2,500
Amortization on equipment for 2019, $1,800
Accrued salaries, $900
Fill in the trial balance, adjustments, and adjusted trial balance columns in the following table. $The following unadjusted account balances and adjustment data are for Nugent Consulting as of December 31, 2019: \begin{array} { l r } \text { Cash } & \$ 12,900 \\ \text { Prepaid insurance } & 2,000 \\ \text { Office supplies } & 1,300 \\ \text { office equipment } & 10,500 \\ \text { Accumulated amort.-office equipment } & 3,500 \\ \text { Accounts payable } & 2,900 \\ \text { Salary payable } & 0 \\ \text { Unearned service revenue } & 4,500 \\ \text { Neela Nugent, Capital } & 11,750 \\ \text { Neela Nugent, Withdrawals } & 5,600 \\ \text { Service revenue } & 13,350 \\ \text { Salary expense } & 3,700 \\ \text { Amort. expense-office equipment } & 0 \\ \text { Supplies expense } & 0 \\ \text { Insurance expense } & 0 \end{array} Adjustment data: Office supplies on hand December 31, 2019, $250 Prepaid insurance expired during 2019, $325 Unearned service revenue, December 31, 2019, $2,500 Amortization on equipment for 2019, $1,800 Accrued salaries, $900 Fill in the trial balance, adjustments, and adjusted trial balance columns in the following table.$

Definitions:

Interest

The cost of borrowing money, typically expressed as an annual percentage of the loan amount.

Borrowed Funds

Money obtained through loans or credits that must be repaid over time, with interest, used for financing various activities or purchasing assets.

Venture Capitalists

Investors who provide capital to startups and small businesses with the potential for long-term growth in exchange for equity.

High Technology

Advanced technological development, especially in the fields of information technology, robotics, telecommunications, and other leading-edge sectors.