Expert answer:2 Questions about Trial Balance

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Answer & Explanation:1. Refer to the trial balance for
Morrell, Inc.  According to contracts, $4,810 of Unearned Service
Revenue has been earned in July. Which of the following is the correct amount
of Service Revenue to be reported in the July income statement?
2. On July1, Morrell paid four months in advance for insurance. Which of the following is included in the adjusting entry at July 31? Morrell, Inc. adjusts its books each month but closes its books at the end of the year. The trial balance at July 31 before adjustments is as follows:

Debit

Credit

Cash

$12,920

Accounts
Receivable

9,620

Supplies

1,300

Prepaid
Insurance

3,120

Equipment

26,000

Accumulated
Depreciation – Equipment

$10,400

Unearned
Service Revenue

6,500

Capital Stock

7,190

Retained
Earnings

23,400

Dividends

1,560

Service
Revenue

16,510

Wages and
Salaries Expense

7,800

Utilities
Expense

380

Rent Expense

1,300

$64,000

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