1. Jordan Air has the following information in its unadjusted and adjusted trial balances. What are the adjusting entries that Jordan Air likely recorded?
|
|
Unadjusted |
Adjusted |
||
|
|
Debit |
Credit |
Debit |
Credit |
|
Prepaid insurance |
$6,200 |
$ 0 |
$5,900 |
|
|
Salaries payable |
|
|
|
$1,400 |
2. What accounts are taken from the adjusted trial balance to prepare an income statement?
3. In preparing financial statements from an adjusted trial balance, what statement is usually prepared second?