Good Note Company specializes in the repair of music equipment and is owned and

Question

Good Note Company specializes in the repair of music equipment and is owned and operated by Robin Stahl. On November 30, 2019, the end of the current year, the accountant for Good Note prepared the following trial balances:

Required:

Journalize the seven entries that adjusted the accounts at November 30. None of the accounts were affected by more than one adjusting entry.

Good Note Company Trial Balance November 30, 2019 Unadjusted Adjusted Debit
Balances Credit
Balances Debit
Balances Credit
Balances Cash 29,210 29,210 Accounts Receivable 83,690 83,690 Supplies 8,680 2,690 Prepaid Insurance 11,050 2,100 Equipment 428,380 428,380 Accumulated Depreciation—Equipment 72,240 81,630 Automobiles 87,640 87,640 Accumulated Depreciation—Automobiles 41,850 43,940 Accounts Payable 18,950 19,710 Salaries Payable — 5,920 Unearned Service Fees 13,820 4,530 Robin Stahl, Capital 438,000 438,000 Robin Stahl, Drawing 57,240 57,240 Service Fees Earned 580,550 589,840 Salary Expense 394,770 400,690 Rent Expense 41,060 41,060 Supplies Expense — 5,990 Depreciation Expense—Equipment — 9,390 Depreciation Expense—Automobiles — 2,090 Utilities Expense 9,870 10,630 Taxes Expense 6,320 6,320 Insurance Expense — 8,950 Miscellaneous Expense 7,500 7,500 1,165,410 1,165,410 1,183,570 1,183,570

Explanation / Answer

1. Entry recording supplies utilised during the year:

2. Entry for transferring expense from prepaid insurance to insurance expense:

3. Entry for recording depreciation expense for the year on equipments:

4. Entry for recording depreciation expense for the year on Automobiles

5. Entry for making provision for utilies expense:

6. Entry for making provision of salary payable:

7. Entry for transferrin revenue from unearned service fee to service fee earned:

Supplies Expense A/c Dr 5990 Supplies A/c Cr 5990

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