Adjusting Entries Good Note Company specializes in the repair of music equipment

Question

Adjusting Entries

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 41,590 41,590 Accounts Receivable 119,150 119,150 Supplies 12,360 3,830 Prepaid Insurance 15,740 2,990 Equipment 557,290 557,290 Accumulated Depreciation—Equipment 102,850 116,220 Automobiles 124,770 124,770 Accumulated Depreciation—Automobiles 59,580 62,560 Accounts Payable 26,980 28,060 Salaries Payable — 8,430 Unearned Service Fees 19,670 6,450 Robin Stahl, Capital 571,000 571,000 Robin Stahl, Drawing 81,490 81,490 Service Fees Earned 826,510 839,730 Salary Expense 562,030 570,460 Rent Expense 58,450 58,450 Supplies Expense — 8,530 Depreciation Expense—Equipment — 13,370 Depreciation Expense—Automobiles — 2,980 Utilities Expense 14,050 15,130 Taxes Expense 8,990 8,990 Insurance Expense — 12,750 Miscellaneous Expense 10,680 10,680 1,606,590 1,606,590 1,632,450 1,632,450

Explanation / Answer

Adjusting entry :

Date accounts & explanation debit credit Supplies expense 8530 Supplies 8530 Insurance expense 12750 Prepaid insurance 12750 Depreciation expense-Equipment 13370 Accumlated depreciation-equipment 13370 Depreciation Expense—Automobiles 2980 Accumlated depreciation-Automobiles 2980 Salary expense 8430 Salary payable 8430 Unearned fees 13220 Service fees earned 13220 Utilites expense 1080 Account payable 1080

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