Screenshot your work and complete it all please. Thank you. Rowland Company is a
ID: 2493179 • Letter: S
Question
Screenshot your work and complete it all please. Thank you.
Rowland Company is 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:
Rowland Company
UNADJUSTED TRIAL BALANCE
August 31, 2016
1
Cash
7,500.00
2
Accounts Receivable
38,400.00
3
Prepaid Insurance
7,200.00
4
Supplies
1,980.00
5
Land
112,500.00
6
Building
150,250.00
7
Accumulated Depreciation-Building
87,550.00
8
Equipment
135,300.00
9
Accumulated Depreciation-Equipment
97,950.00
10
Accounts Payable
12,150.00
11
Unearned Rent
6,750.00
12
Common Stock
75,000.00
13
Retained Earnings
146,000.00
14
Dividends
15,000.00
15
Fees Earned
324,600.00
16
Salaries and Wages Expense
193,370.00
17
Utilities Expense
42,375.00
18
Advertising Expense
22,800.00
19
Repairs Expense
17,250.00
20
Miscellaneous Expense
6,075.00
21
Totals
750,000.00
750,000.00
The data needed to determine year-end adjustments are as follows:
ACCOUNT TITLE DEBIT CREDIT1
Cash
7,500.00
2
Accounts Receivable
38,400.00
3
Prepaid Insurance
7,200.00
4
Supplies
1,980.00
5
Land
112,500.00
6
Building
150,250.00
7
Accumulated Depreciation-Building
87,550.00
8
Equipment
135,300.00
9
Accumulated Depreciation-Equipment
97,950.00
10
Accounts Payable
12,150.00
11
Unearned Rent
6,750.00
12
Common Stock
75,000.00
13
Retained Earnings
146,000.00
14
Dividends
15,000.00
15
Fees Earned
324,600.00
16
Salaries and Wages Expense
193,370.00
17
Utilities Expense
42,375.00
18
Advertising Expense
22,800.00
19
Repairs Expense
17,250.00
20
Miscellaneous Expense
6,075.00
21
Totals
750,000.00
750,000.00
Explanation / Answer
Adjusting entries Accounts and titles Debit Credit insurance expense 1,200 to Prepaid insurance 1,200 Supplies expense 1,500 to Supplies 1,500 Depreciation expense 7,500 Accumulated dep 7,500 building depreciation expense 4,150 Accumulated dep 4,150 equipment Unearned rent 5,200 To rent revenue 5,200 Salary and wages 3,200 Salary and wages payable 3,200 account receivable 11,330 To Fees earned 11,330 Account receivable balance 38,400 - 31-Aug 11,330 ending bal 49,730 insurance expense debit credit 31-Aug 1,200 Prepaid insurance bal 7,200 31-Aug 1,200 Ending bal 6,000 supplies expense 31-Aug 1,500 Supplies balance 1,980 31-Aug 1,500 Ending bal 480 Depreciation expense - 31-Aug 7,500 31-Aug 4,150 balance 11,650 accumulated Depreciation expense - building bal 87,550 31-Aug 7,500 end bal 95,050 Accumulated depreciation - Equipment bal 97,950 31-Aug 4,150 End bal 102,100 unearned rent 31-Aug 5,200 bal 6,750 end bal 1,550 Rent revenue 31-Aug 31-Aug 5,200 Salary and wages bal 193,370 31-Aug 3,200 end bal 196,570 Salary and wages payable 31-Aug 3,200 end bal 3,200 Fees earned bal 324,600 31-Aug 11,330 End bal 335,930 Adjusted trial balance Debit credit cash 7,500 Account receivable 49,730 prepaid insurance 6,000 insurance expense 1,200 Supplies 480 Supplies expesne 1,500 Land 112,500 Building 150,250 accumulated dep-bu 95,050 equipment 135,300 Accumu dep equip 102,100 depreciation expense 11,650 accounts payable 12,150 unearned rent 1,550 Rent revenue 5,200 common stock 75,000 Retained earnings 146,000 Dividends 15,000 Fees earned 335,930 Salaries and wages 196,570 Salary and wages pay 3,200 Utilities expense 42,375 Advertising expense 22,800 Repairs expense 17,250 Misc expense 6,075 totals 776,180 776,180
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