Adjusting Entries and Adjusted Trial Balance The data needed to determine year-e

Question

Adjusting Entries and Adjusted Trial Balance

The data needed to determine year-end adjustments are as follows:

Unexpired insurance at October 31, $5,400.

Supplies on hand at October 31, $375.

Depreciation of building for the year, $6,000.

Depreciation of equipment for the year, $3,000.

Rent unearned at October 31, $1,350.

Accrued salaries and wages at October 31, $2,900.

Fees earned but unbilled on October 31, $18,600.

1.   Determine the balance of the Accounts affected by adjusting entries and prepare an Adjusted Trail Balance

Explanation / Answer

Dickens Company Adjusting Entries Date   Account Title Dr $ Cr $ Oct 31.2014. Insurance Expense                 1,800 Prepaid Insurance               1,800 Supplies               1,605 Supplies Expense                 1,605 Accumulated Depreciation-Building               6,000 Depreciation Expense -Building                 6,000 Accumulated Depreciation-Equipment               3,000 Depreciation Expense -Equipment                 3,000 Unearned Rent                 5,400 Rental Revenue               5,400 Accrued Salaries & Wages               2,900 Salaries & Wages Expense                 2,900 Accrued Income Receivable               18,600 Fees Earned              18,600 Dickens Company Adjusted Trail Balance As on Oct 31.2014. Account Details Dr $ Cr $ Cash                 7,500 Accounts Receivable               38,400 Prepaid Insurance                 5,400 Supplies                     375 Land            112,500 Building              150,250 Accumulated Depreciation-Building            93,550 Equipment            135,300 Accumulated Depreciation-Equipment          100,950 Accounts Payable            12,150 Unearned Rent               1,350 Monica Baker Capital          221,000 Monica Baker Drawing               15,000 Fees Earned            343,200 Salaries & Wages Expense            196,270 Utilities Expense               42,375 Advertising Expense               22,800 Repair Expense               17,250 Misc Expense                 6,075 Supplies Expense                 1,605 Depreciation Expense -Building                 6,000 Depreciation Expense -Equipment                 3,000 Insurance Expense                 1,800 Rental Revenue               5,400 Accrued Salaries & Wages               2,900 Accrued Income Receivable               18,600            780,500          780,500

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