Good Note Company specializes in the repair of music equipment and is owned and
ID: 2334659 • Letter: G
Question
Good Note Company specializes in the repair of music equipment and is owned and operated by Robin Stahl. On November 30, 2018, the end of the current year, the accountant for Good Note prepared the following trial balances:
Good Note Company
Trial Balances
November 30, 2018
1
Unadjusted Debit Balances
Unadjusted Credit Balances
Adjusted Debit Balances
Adjusted Credit Balances
2
Cash
38,080.00
38,080.00
3
Accounts Receivable
90,280.00
90,280.00
4
Supplies
11,100.00
1,920.00
5
Prepaid Insurance
14,720.00
3,580.00
6
Equipment
290,735.00
290,735.00
7
Accumulated Depreciation—Equipment
94,385.00
105,605.00
8
Automobiles
128,730.00
128,730.00
9
Accumulated Depreciation—Automobiles
54,060.00
62,295.00
10
Accounts Payable
25,760.00
26,975.00
11
Salaries Payable
—
7,415.00
12
Unearned Service Fees
17,410.00
8,635.00
13
Common Stock
109,000.00
109,000.00
14
Retained Earnings
212,035.00
212,035.00
15
Dividends
74,980.00
74,980.00
16
Service Fees Earned
739,500.00
748,275.00
17
Salary Expense
518,000.00
525,415.00
18
Rent Expense
54,365.00
54,365.00
19
Supplies Expense
—
9,180.00
20
Depreciation Expense—Equipment
—
11,220.00
21
Depreciation Expense—Automobiles
—
8,235.00
22
Utilities Expense
12,615.00
13,830.00
23
Taxes Expense
7,790.00
7,790.00
24
Insurance Expense
—
11,140.00
25
Miscellaneous Expense
10,755.00
10,755.00
26
$1,252,150.00
$1,252,150.00
$1,280,235.00
$1,280,235.00
Compare the unadjusted trial balance to the adjusted trial balance. Journalize the seven entries that adjusted the accounts at November 30. None of the accounts were affected by more than one adjusting entry. Refer to the Chart of Accounts for exact wording of account titles.
Chart of Accounts
Journal
Compare the unadjusted trial balance to the adjusted trial balance. Journalize the seven entries that adjusted the accounts at November 30. None of the accounts were affected by more than one adjusting entry. Refer to the Chart of Accounts for exact wording of account titles.
PAGE 10
JOURNAL
ACCOUNTING EQUATION
1
Adjusting Entries
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Good Note Company
Trial Balances
November 30, 2018
Explanation / Answer
Accounting titles & Explanations Debit Credit 1) supplies expense 9,180 supplies. 9,180 2) Insurance expense 11,140 prepaid insurance 11,140 3) Depreciation expense 11,220 Accumulated Depreciation-Equipment 11,220 4) depreciation expense 8,235 Accumulated Depreciation-Automobiles 8,235 5) utility expense 1,215 Accounts payable 1,215 6) Unearned service revenue 8775 Service revenue 8,775 7) Salary expense 7,415 Salaries payable 7,415
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