RowLand Company h a small editorial services company owned and operated by Marle

Question

RowLand Company h a small editorial services company owned and operated by Marlene Rowland On August 31, 2016. the end of the current year. Rowland Company's accounting clerk prepared the following unadjusted trial balance: The data needed to determine year end adjustments are as follows: Unexpired Insurance at August 31. $6,000 Supplies on hand at August 31. $480 Depreciation of building for the year, $7,500 Depreciation of equipment for the year, $4,150. Rent unearned at August 31, $1,550. An rued salaries and wages at August 31. $3.200 Fees earned but unbilled on August 31. $11,330. Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable. Kent Revenue. Insurance Expense; Depreciation Expense-building. Depreciation Expense-Equipment and Supplies Expense Determine the balances of the accounts affected by the addicting entries, and prepare an adjusted trial balance.

Explanation / Answer

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No Account Title & Explaination Debit Credit a Insurance Expenses (7200-6000) 1200 Prepaid Insurance 1200 b Supplies Expenses (1980-480) 1500 Supplies 1500 c Depreciation Expenses - Building 7500 Accumulated Depreciation-Building 7500 d Depreciation Expenses - Equipment 4150 Accumulated Depreciation-Equipment 4150 e Unearned Rent (6750-1550) 5200 Rent Revenue 5200 f Salaries and Wages Expense 3200 Salaries and Wages Payable 3200 g Account Recievable 11330 Fees Earned 11330

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