The new office assistant thought he would be helpful and create an alphabetical list of accounts for Aspen Arami Design at May 31, 2017.
The following additional data at May 31, 2017, was identified and needs to be updated into the accounting records:
a. Amortization for the period, which needs to be recorded: furniture, $480; building, $660.
b. Accrued salary expense, $1,200.
c. A count of supplies showed that unused supplies amounted to $420.
d. During May, $1,390 of prepaid insurance coverage was used.
e. Loan interest expense of $220 was incurred but is not yet paid.
f. Of the $8,800 balance of Unearned Design Services Revenue, $4,000 was earned during May.
g. Advertising expense of $2,060 was incurred but is not yet recorded (credit Accounts Payable).
h. Earned interest revenue in the amount of $150, which had not yet been received.
Required
Complete Aspen Arami Design’s worksheet for May 2017. Identify each adjusting entry by its letter.
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