Rowland Company is a small editorial services company owned and operated by Marl
ID: 2519400 • Letter: R
Question
Rowland Company is a small editorial services company owned and operated by Marlene Rowland. On August 31, 2018, the end of the current year, Rowland Company’s accounting clerk prepared the following unadjusted trial balance:
Rowland Company
UNADJUSTED TRIAL BALANCE
August 31, 2018
1
Cash
7,755.00
2
Accounts Receivable
38,655.00
3
Prepaid Insurance
7,380.00
4
Supplies
2,065.00
5
Land
111,050.00
6
Building
153,300.00
7
Accumulated Depreciation-Building
86,065.00
8
Equipment
140,000.00
9
Accumulated Depreciation-Equipment
97,335.00
10
Accounts Payable
12,090.00
11
Unearned Rent
6,385.00
12
Common Stock
75,410.00
13
Retained Earnings
155,595.00
14
Dividends
14,910.00
15
Fees Earned
327,650.00
16
Salaries and Wages Expense
197,220.00
17
Utilities Expense
42,205.00
18
Advertising Expense
22,795.00
19
Repairs Expense
16,910.00
20
Miscellaneous Expense
6,285.00
21
Totals
760,530.00
760,530.00
The data needed to determine year-end adjustments are as follows:
ACCOUNT TITLE DEBIT CREDIT1
Cash
7,755.00
2
Accounts Receivable
38,655.00
3
Prepaid Insurance
7,380.00
4
Supplies
2,065.00
5
Land
111,050.00
6
Building
153,300.00
7
Accumulated Depreciation-Building
86,065.00
8
Equipment
140,000.00
9
Accumulated Depreciation-Equipment
97,335.00
10
Accounts Payable
12,090.00
11
Unearned Rent
6,385.00
12
Common Stock
75,410.00
13
Retained Earnings
155,595.00
14
Dividends
14,910.00
15
Fees Earned
327,650.00
16
Salaries and Wages Expense
197,220.00
17
Utilities Expense
42,205.00
18
Advertising Expense
22,795.00
19
Repairs Expense
16,910.00
20
Miscellaneous Expense
6,285.00
21
Totals
760,530.00
760,530.00
Explanation / Answer
Journal entries: Insurance expense Dr. 1365 Prepaid insurance 1365 Supplies expense Dr. 1665 Supplies 1665 Depreciation expense Dr. 7740 Accumulated depreciation-Building 7740 Depreciation expense Dr. 3835 Accumulated equipment 3835 Unearned rent Dr. 4760 Rent revenue 4760 Salaries and wages expense Dr. 2720 Salaries and wages payable 2720 Accounts receivable Dr. 11520 Fees earned 11520 ADJUSTED TRIAL BALANCE 31-Aug-18 Debit $ Credit $ Cash 7755 Accounts Receivable 50175 Prepaid Insurance 6015 Supplies 400 Land 111050 Building 153300 Accumulated Depreciation 93805 Equipment 140000 Acumulated depreciation 101170 Accounts Payable 12090 Salary Payable 2720 Unearned rent revenue 1625 Common Stock 75410 Retained earnings 155595 Dividend 14910 Fees earned 339170 Rent revenue 4760 Salaries and wages 199940 Supplies expense 1665 Depreciation Building 7740 Depreciation Equipmet 3835 Insurance 1365 utilities expense 42205 Advertising expense 22795 Repairs expense 16910 Miscelleneous expense 6285 TOTAL 786345 786345
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