G H J Shift 0 Chapter 3 The Adjusting Process 151 Unearned Rent 6,750 Jan Pitman
ID: 2332648 • Letter: G
Question
G H J Shift 0 Chapter 3 The Adjusting Process 151 Unearned Rent 6,750 Jan Pitman, Capital Jan Pitman, Drawing Fees Earned. Salaries and Wages Expense. Utilities Expense 193,370 Advertising Expense Repairs Expense Miscellaneous Expense 2.375 22,800 17,250 6,075 00000 0.000 The data needed to determine year-end adjustments are as follows: Unexpired insurance at October 31, $600. Supplies on hand at October 31, $675. . Depreciation of building for the year, $12,000. . Depreciation of equipment for the year, $8,600. Unearned rent at October 31, $2,250. Accrued salaries and wages at October 31, $2,800. . Fees earned but unbilled on October 31, $10,050. Instructions Wages Payable, Rent Revenue, Insurance Expense, Depreciation Expense-Building Depreciation Expense-Equipment, and Supplies Expense. 1. Journalize the adjusting entries using the following additional accounts: Salaries and 2. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance.Explanation / Answer
SOLUTION:
1
Insurance Expense
6,600
Prepaid Insurance
6,600
2
Supplies Expense
1,305
Supplies
1,305
3
Depreciation Expense - Building
12,000
Accumulated Depreciation - Building
12,000
4
Depreciation Expense - Equipment
8,600
Accumulated Depreciation - Equipment
8,600
5
Unearned Rent
4,500
Rent Revenue
4,500
6
Salaries and Wages Expense
2,800
Salaries and Wages Payable
2,800
7
Accounts Receivable
10,050
Fees Earned
10,050
TRIAL BALANCE:
Debit
Credit
Cash
7,500
Land
112,500
Building
300,250
Accounts Receivable
48,450
Prepaid Insurance
600
Supplies
675
Accumulated Dep - Building
99,550
Equipment
135,300
Accumulated Dep - Equipment
106,550
Salaries and Wages Payable
2,800
Accounts Payable
12,150
Unearned Rent
2,250
Jan Pitman, Capital
371,000
Jan Pitman, Drawing
15,000
Fees Earned
334,650
Rent Revenue
4,500
Salaries and Wages Exp
196,170
Utilities Exp
42,375
Advertising Exp
22,800
Repairs Exp
17,250
Insurance Exp
6,600
Supplies Exp
1,305
Depreciation Exp- Building
12,000
Depreciation Exp - Equipment
8,600
Miscellaneous Exp
6,075
Total
933,450
933,450
1
Insurance Expense
6,600
Prepaid Insurance
6,600
2
Supplies Expense
1,305
Supplies
1,305
3
Depreciation Expense - Building
12,000
Accumulated Depreciation - Building
12,000
4
Depreciation Expense - Equipment
8,600
Accumulated Depreciation - Equipment
8,600
5
Unearned Rent
4,500
Rent Revenue
4,500
6
Salaries and Wages Expense
2,800
Salaries and Wages Payable
2,800
7
Accounts Receivable
10,050
Fees Earned
10,050
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