Exercise - The adjustments columns of the worksheet for Munoz Company are shown below.
Adjustments
Account Titles Debit Credit
Accounts Receivable 600
Prepaid Insurance 400
Accumulated Depreciation-Equipment 900
Salaries and Wages Payable 500
Service Revenue 600
Salaries and Wages Expense 500
Insurance Expense 400
Depreciation Expense 900
2,400 2,400
(a) Prepare adjusting entries in order presented in the problem.
(b) Indicate with an "X" the financial statement column to which each balance should be extended.