Adjusting Entries and Adjusted Trial Balances Emerson Company is a small editorial services company owned and operated by Suzanne Emerson. On October 31, 20Y6, Emerson Company's accounting clerk prepared the following unadjusted trial balance: Emerson Company Unadjusted Trial Balance October 31, 20Y6 Debit Balances Credit Balances Cash 3,930 Accounts Receivable 35,640 Prepaid Insurance 6,640 Supplies 1,810 Land 104,800 Building 269,090 Accumulated Depreciation—Building 128,060 Equipment 125,950 Accumulated Depreciation—Equipment 91,210 Accounts Payable 11,180 Unearned Rent 6,340 Suzanne Emerson, Capital 285,400 Suzanne Emerson, Drawing 13,890 Fees Earned 302,030 Salaries and Wages Expense 180,010 Utilities Expense 39,570 Advertising Expense 21,140 Repairs Expense 16,010 Miscellaneous Expense 5,740 824,220 824,220 The data needed to determine year-end adjustments are as follows: Unexpired insurance at October 31, $4,450. Supplies on hand at October 31, $540. Depreciation of building for the year, $2,950. Depreciation of equipment for the year, $2,550. Unearned rent at October 31, $1,650. Accrued salaries and wages at October 31, $2,880. Fees earned but unbilled on October 31, $16,910. Required: 1. Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable; Rent Revenue; Insurance Expense; Depreciation Expense—Building; Depreciation Expense—Equipment; and Supplies Expense. If an amount box does not require an entry, leave it blank. 20Y6 Oct. 31 fill in the blank 2b45aa0b7fb507a_2 fill in the blank 2b45aa0b7fb507a_3 fill in the blank 2b45aa0b7fb507a_5 fill in the blank 2b45aa0b7fb507a_6 31 fill in the blank 2b45aa0b7fb507a_8 fill in the blank 2b45aa0b7fb507a_9 fill in the blank 2b45aa0b7fb507a_11 fill in the blank 2b45aa0b7fb507a_12 31 fill in the blank 2b45aa0b7fb507a_14 fill in the blank 2b45aa0b7fb507a_15 fill in the blank 2b45aa0b7fb507a_17 fill in the blank 2b45aa0b7fb507a_18 31 fill in the blank 2b45aa0b7fb507a_20 fill in the blank 2b45aa0b7fb507a_21 fill in the blank 2b45aa0b7fb507a_23 fill in the blank 2b45aa0b7fb507a_24 31 fill in the blank 2b45aa0b7fb507a_26 fill in the blank 2b45aa0b7fb507a_27 fill in the blank 2b45aa0b7fb507a_29 fill in the blank 2b45aa0b7fb507a_30 31 fill in the blank 2b45aa0b7fb507a_32 fill in the blank 2b45aa0b7fb507a_33 fill in the blank 2b45aa0b7fb507a_35 fill in the blank 2b45aa0b7fb507a_36 31 fill in the blank 2b45aa0b7fb507a_38 fill in the blank 2b45aa0b7fb507a_39 fill in the blank 2b45aa0b7fb507a_41 fill in the blank 2b45aa0b7fb507a_42 2. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance. If an amount box does not require an entry, leave it blank. Emerson Company Adjusted Trial Balance October 31, 20Y6 Debit Balances Credit Balances fill in the blank fee1a9027005046_2 fill in the blank fee1a9027005046_3 fill in the blank fee1a9027005046_5 fill in the blank fee1a9027005046_6 fill in the blank fee1a9027005046_8 fill in the blank fee1a9027005046_9 fill in the blank fee1a9027005046_11 fill in the blank fee1a9027005046_12 fill in the blank fee1a9027005046_14 fill in the blank fee1a9027005046_15 fill in the blank fee1a9027005046_17 fill in the blank fee1a9027005046_18 fill in the blank fee1a9027005046_20 fill in the blank fee1a9027005046_21 fill in the blank fee1a9027005046_23 fill in the blank fee1a9027005046_24 fill in the blank fee1a9027005046_26 fill in the blank fee1a9027005046_27 fill in the blank fee1a9027005046_29 fill in the blank fee1a9027005046_30 fill in the blank fee1a9027005046_32 fill in the blank fee1a9027005046_33 fill in the blank fee1a9027005046_35 fill in the blank fee1a9027005046_36 fill in the blank fee1a9027005046_38 fill in the blank fee1a9027005046_39 fill in the blank fee1a9027005046_41 fill in the blank fee1a9027005046_42 fill in the blank fee1a9027005046_44 fill in the blank fee1a9027005046_45 fill in the blank fee1a9027005046_47 fill in the blank fee1a9027005046_48 fill in the blank fee1a9027005046_50 fill in the blank fee1a9027005046_51 fill in the blank fee1a9027005046_53 fill in the blank fee1a9027005046_54 fill in the blank fee1a9027005046_56 fill in the blank fee1a9027005046_57 fill in the blank fee1a9027005046_59 fill in the blank fee1a9027005046_60 fill in the blank fee1a9027005046_62 fill in the blank fee1a9027005046_63 fill in the blank fee1a9027005046_65 fill in the blank fee1a9027005046_66 fill in the blank fee1a9027005046_68 fill in the blank fee1a9027005046_69 fill in the blank fee1a9027005046_71 fill in the blank fee1a9027005046_72 fill in the blank fee1a9027005046_74 fill in the blank fee1a9027005046_75 fill in the blank fee1a9027005046_76 fill in the blank fee1a9027005046_77
Adjusting Entries and Adjusted Trial Balances Emerson Company is a small editorial services company owned and operated by Suzanne Emerson. On October 31, 20Y6, Emerson Company's accounting clerk prepared the following unadjusted trial balance: Emerson Company Unadjusted Trial Balance October 31, 20Y6 Debit Balances Credit Balances Cash 3,930 Accounts Receivable 35,640 Prepaid Insurance 6,640 Supplies 1,810 Land 104,800 Building 269,090 Accumulated Depreciation—Building 128,060 Equipment 125,950 Accumulated Depreciation—Equipment 91,210 Accounts Payable 11,180 Unearned Rent 6,340 Suzanne Emerson, Capital 285,400 Suzanne Emerson, Drawing 13,890 Fees Earned 302,030 Salaries and Wages Expense 180,010 Utilities Expense 39,570 Advertising Expense 21,140 Repairs Expense 16,010 Miscellaneous Expense 5,740 824,220 824,220 The data needed to determine year-end adjustments are as follows: Unexpired insurance at October 31, $4,450. Supplies on hand at October 31, $540. Depreciation of building for the year, $2,950. Depreciation of equipment for the year, $2,550. Unearned rent at October 31, $1,650. Accrued salaries and wages at October 31, $2,880. Fees earned but unbilled on October 31, $16,910. Required: 1. Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable; Rent Revenue; Insurance Expense; Depreciation Expense—Building; Depreciation Expense—Equipment; and Supplies Expense. If an amount box does not require an entry, leave it blank. 20Y6 Oct. 31 fill in the blank 2b45aa0b7fb507a_2 fill in the blank 2b45aa0b7fb507a_3 fill in the blank 2b45aa0b7fb507a_5 fill in the blank 2b45aa0b7fb507a_6 31 fill in the blank 2b45aa0b7fb507a_8 fill in the blank 2b45aa0b7fb507a_9 fill in the blank 2b45aa0b7fb507a_11 fill in the blank 2b45aa0b7fb507a_12 31 fill in the blank 2b45aa0b7fb507a_14 fill in the blank 2b45aa0b7fb507a_15 fill in the blank 2b45aa0b7fb507a_17 fill in the blank 2b45aa0b7fb507a_18 31 fill in the blank 2b45aa0b7fb507a_20 fill in the blank 2b45aa0b7fb507a_21 fill in the blank 2b45aa0b7fb507a_23 fill in the blank 2b45aa0b7fb507a_24 31 fill in the blank 2b45aa0b7fb507a_26 fill in the blank 2b45aa0b7fb507a_27 fill in the blank 2b45aa0b7fb507a_29 fill in the blank 2b45aa0b7fb507a_30 31 fill in the blank 2b45aa0b7fb507a_32 fill in the blank 2b45aa0b7fb507a_33 fill in the blank 2b45aa0b7fb507a_35 fill in the blank 2b45aa0b7fb507a_36 31 fill in the blank 2b45aa0b7fb507a_38 fill in the blank 2b45aa0b7fb507a_39 fill in the blank 2b45aa0b7fb507a_41 fill in the blank 2b45aa0b7fb507a_42 2. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance. If an amount box does not require an entry, leave it blank. Emerson Company Adjusted Trial Balance October 31, 20Y6 Debit Balances Credit Balances fill in the blank fee1a9027005046_2 fill in the blank fee1a9027005046_3 fill in the blank fee1a9027005046_5 fill in the blank fee1a9027005046_6 fill in the blank fee1a9027005046_8 fill in the blank fee1a9027005046_9 fill in the blank fee1a9027005046_11 fill in the blank fee1a9027005046_12 fill in the blank fee1a9027005046_14 fill in the blank fee1a9027005046_15 fill in the blank fee1a9027005046_17 fill in the blank fee1a9027005046_18 fill in the blank fee1a9027005046_20 fill in the blank fee1a9027005046_21 fill in the blank fee1a9027005046_23 fill in the blank fee1a9027005046_24 fill in the blank fee1a9027005046_26 fill in the blank fee1a9027005046_27 fill in the blank fee1a9027005046_29 fill in the blank fee1a9027005046_30 fill in the blank fee1a9027005046_32 fill in the blank fee1a9027005046_33 fill in the blank fee1a9027005046_35 fill in the blank fee1a9027005046_36 fill in the blank fee1a9027005046_38 fill in the blank fee1a9027005046_39 fill in the blank fee1a9027005046_41 fill in the blank fee1a9027005046_42 fill in the blank fee1a9027005046_44 fill in the blank fee1a9027005046_45 fill in the blank fee1a9027005046_47 fill in the blank fee1a9027005046_48 fill in the blank fee1a9027005046_50 fill in the blank fee1a9027005046_51 fill in the blank fee1a9027005046_53 fill in the blank fee1a9027005046_54 fill in the blank fee1a9027005046_56 fill in the blank fee1a9027005046_57 fill in the blank fee1a9027005046_59 fill in the blank fee1a9027005046_60 fill in the blank fee1a9027005046_62 fill in the blank fee1a9027005046_63 fill in the blank fee1a9027005046_65 fill in the blank fee1a9027005046_66 fill in the blank fee1a9027005046_68 fill in the blank fee1a9027005046_69 fill in the blank fee1a9027005046_71 fill in the blank fee1a9027005046_72 fill in the blank fee1a9027005046_74 fill in the blank fee1a9027005046_75 fill in the blank fee1a9027005046_76 fill in the blank fee1a9027005046_77
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
Question
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Emerson Company is a small editorial services company owned and operated by Suzanne Emerson. On October 31, 20Y6, Emerson Company's accounting clerk prepared the following unadjusted
| Emerson Company | ||||
| Unadjusted Trial Balance | ||||
| October 31, 20Y6 | ||||
| Debit Balances |
Credit Balances |
|||
| Cash | 3,930 | |||
| 35,640 | ||||
| Prepaid Insurance | 6,640 | |||
| Supplies | 1,810 | |||
| Land | 104,800 | |||
| Building | 269,090 | |||
| 128,060 | ||||
| Equipment | 125,950 | |||
| Accumulated Depreciation—Equipment | 91,210 | |||
| Accounts Payable | 11,180 | |||
| Unearned Rent | 6,340 | |||
| Suzanne Emerson, Capital | 285,400 | |||
| Suzanne Emerson, Drawing | 13,890 | |||
| Fees Earned | 302,030 | |||
| Salaries and Wages Expense | 180,010 | |||
| Utilities Expense | 39,570 | |||
| Advertising Expense | 21,140 | |||
| Repairs Expense | 16,010 | |||
| Miscellaneous Expense | 5,740 | |||
| 824,220 | 824,220 |
The data needed to determine year-end adjustments are as follows:
- Unexpired insurance at October 31, $4,450.
- Supplies on hand at October 31, $540.
- Depreciation of building for the year, $2,950.
- Depreciation of equipment for the year, $2,550.
- Unearned rent at October 31, $1,650.
- Accrued salaries and wages at October 31, $2,880.
- Fees earned but unbilled on October 31, $16,910.
Required:
1. Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable; Rent Revenue; Insurance Expense; Depreciation Expense—Building; Depreciation Expense—Equipment; and Supplies Expense. If an amount box does not require an entry, leave it blank.
| 20Y6 Oct. 31 |
fill in the blank 2b45aa0b7fb507a_2 | fill in the blank 2b45aa0b7fb507a_3 | |
| fill in the blank 2b45aa0b7fb507a_5 | fill in the blank 2b45aa0b7fb507a_6 | ||
| 31 | fill in the blank 2b45aa0b7fb507a_8 | fill in the blank 2b45aa0b7fb507a_9 | |
| fill in the blank 2b45aa0b7fb507a_11 | fill in the blank 2b45aa0b7fb507a_12 | ||
| 31 | fill in the blank 2b45aa0b7fb507a_14 | fill in the blank 2b45aa0b7fb507a_15 | |
| fill in the blank 2b45aa0b7fb507a_17 | fill in the blank 2b45aa0b7fb507a_18 | ||
| 31 | fill in the blank 2b45aa0b7fb507a_20 | fill in the blank 2b45aa0b7fb507a_21 | |
| fill in the blank 2b45aa0b7fb507a_23 | fill in the blank 2b45aa0b7fb507a_24 | ||
| 31 | fill in the blank 2b45aa0b7fb507a_26 | fill in the blank 2b45aa0b7fb507a_27 | |
| fill in the blank 2b45aa0b7fb507a_29 | fill in the blank 2b45aa0b7fb507a_30 | ||
| 31 | fill in the blank 2b45aa0b7fb507a_32 | fill in the blank 2b45aa0b7fb507a_33 | |
| fill in the blank 2b45aa0b7fb507a_35 | fill in the blank 2b45aa0b7fb507a_36 | ||
| 31 | fill in the blank 2b45aa0b7fb507a_38 | fill in the blank 2b45aa0b7fb507a_39 | |
| fill in the blank 2b45aa0b7fb507a_41 | fill in the blank 2b45aa0b7fb507a_42 |
2. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance. If an amount box does not require an entry, leave it blank.
| Emerson Company | ||
| Adjusted Trial Balance | ||
| October 31, 20Y6 | ||
| Debit Balances | Credit Balances | |
| fill in the blank fee1a9027005046_2 | fill in the blank fee1a9027005046_3 | |
| fill in the blank fee1a9027005046_5 | fill in the blank fee1a9027005046_6 | |
| fill in the blank fee1a9027005046_8 | fill in the blank fee1a9027005046_9 | |
| fill in the blank fee1a9027005046_11 | fill in the blank fee1a9027005046_12 | |
| fill in the blank fee1a9027005046_14 | fill in the blank fee1a9027005046_15 | |
| fill in the blank fee1a9027005046_17 | fill in the blank fee1a9027005046_18 | |
| fill in the blank fee1a9027005046_20 | fill in the blank fee1a9027005046_21 | |
| fill in the blank fee1a9027005046_23 | fill in the blank fee1a9027005046_24 | |
| fill in the blank fee1a9027005046_26 | fill in the blank fee1a9027005046_27 | |
| fill in the blank fee1a9027005046_29 | fill in the blank fee1a9027005046_30 | |
| fill in the blank fee1a9027005046_32 | fill in the blank fee1a9027005046_33 | |
| fill in the blank fee1a9027005046_35 | fill in the blank fee1a9027005046_36 | |
| fill in the blank fee1a9027005046_38 | fill in the blank fee1a9027005046_39 | |
| fill in the blank fee1a9027005046_41 | fill in the blank fee1a9027005046_42 | |
| fill in the blank fee1a9027005046_44 | fill in the blank fee1a9027005046_45 | |
| fill in the blank fee1a9027005046_47 | fill in the blank fee1a9027005046_48 | |
| fill in the blank fee1a9027005046_50 | fill in the blank fee1a9027005046_51 | |
| fill in the blank fee1a9027005046_53 | fill in the blank fee1a9027005046_54 | |
| fill in the blank fee1a9027005046_56 | fill in the blank fee1a9027005046_57 | |
| fill in the blank fee1a9027005046_59 | fill in the blank fee1a9027005046_60 | |
| fill in the blank fee1a9027005046_62 | fill in the blank fee1a9027005046_63 | |
| fill in the blank fee1a9027005046_65 | fill in the blank fee1a9027005046_66 | |
| fill in the blank fee1a9027005046_68 | fill in the blank fee1a9027005046_69 | |
| fill in the blank fee1a9027005046_71 | fill in the blank fee1a9027005046_72 | |
| fill in the blank fee1a9027005046_74 | fill in the blank fee1a9027005046_75 | |
| fill in the blank fee1a9027005046_76 | fill in the blank fee1a9027005046_77 |
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