The Balances of the Ledger Accounts for Lance's Landscaping Design

question 61

Essay

The balances of the ledger accounts for Lance's Landscaping Design on March 31, 2019, and the information needed for adjustments are shown below. Prepare the Trial Balance section, record the adjustments, and complete the worksheet.

Adjustment information:
(a)The supplies were purchased on March 1, 2019 An inventory of supplies showed $300 on hand on March 31, 2019.
(b)The amount of Prepaid Insurance represents a payment made March 1, 2019, for a six-month insurance policy.
(c)The equipment, purchased March 1, 2019, has an estimated useful life of 5 years with no salvage value. The firm uses the straight-line method of depreciation.

---

Definitions:

Meeting Minutes

A written record of the discussions, decisions, and actions that took place during a meeting.

Old Business

Previously discussed topics or unfinished items of discussion in meetings that are brought up again for resolution.

Formal Minutes

The official record of the discussions and decisions made during a meeting, prepared in a structured and standardized format.

Institute of Internal Auditors

An international professional association that serves as the global voice and advocate for the internal audit profession, promoting standards and education.