The data needed to determine adjustments are as follows: a. During July, Ps Musi

Question

The data needed to determine adjustments are as follows: a. During July, Ps Music provided guest dm jockeys foe KXMD for a total of 115 hours For Information on the amount of the accrued revenue to be billed to KXMD, see the contract described in the July 3,2016, transaction at the end of chapter 2. b. Supplies on hand at July 31, $275. c. The balance ot the prepaid insurance account relates to the July 1, 2016, transaction at the end of Chapter 2. d. Depreciation of the office equipment is $So. e. The balance of the unearned revenue account relates to the contract between Ps Musk and KXMI). described in the July 3. 2016. transaction at the end of Chapter 2. f. Accrued wages as of July 31, 2016, were $ 140. Prepare ad|usting journal entries. You will need the following additional account* 18 Accumulated Depreciation-Office Equipment 22 wages Payable 57 Insurance Expense 58 Depreciation Expense 2. Post the adjusting entries, inserting balances in the accounts afftected, 3. Prepare an adjusted trial balae.

Explanation / Answer

Date Account Title Debit Credit Accumulated Depreciation Office Equipment-18 Entry for Supplies Consumed: Date Particulars Amount Date Particulars Amount Supplies Expenses (1020-275)          745 31-Jul Balance C/F                 50 31-Jul Depreciation - Equipment                 50    To Supplies          745                 50                 50 Depreciation Office Equipment-58 Entry for prepaid insurance expenses off: Date Particulars Amount Date Particulars Amount Insurance Expenses       2,700 31-Jul To Accumulated Dep Equip                 50 31-Jul Balance C/F                 50 To Prepaid Insurance       2,700                 50                 50 Entry for depreciation on office equipment: Wages Payable -22 Depreciation - Equipment            50 Date Particulars Amount Date Particulars Amount To Accumulated Dep Equip            50 31-Jul Balance C/F               140 31-Jul Accrued Wages               140               140               140 Entry for Accrued wages: Accrued Wages          140 Insurance Expenses -57    To Wages Payable          140 Date Particulars Amount Date Particulars Amount 31-Jul Balance C/F            2,700 31-Jul Balance C/F            2,700            2,700            2,700 Adjusted Closing Trail Balance Particulars Debit   Credit Cash       9,945 Accounts Receivable       2,750 Supplies          275 Prepaid Insurance             -   Office Equipment       7,500 Accumulated Dep - Offie Equipment            50 Accounts Payable       8,350 Wages Payable          140 Unearned revenue       7,200 Common Stock       9,000 Dividend       1,750 Fee Earned     16,200 Music Expenses       3,610 Wages Expenses       2,940 Office Rent Expenses       2,550 Advertising Expenses       1,500 Equipment Rent Expenses       1,375 Utilities Expenses       1,215 Supplies Expenses          925 Insurance       2,700 Depreciation - Office Equipment            50 Mis Exp       1,855 Total     40,940     40,940

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