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Adjusting Entries and Adjusted Trial Balances Rowland Company is a small editorial services company owned and operated by Fran Briggs. 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   Debit Balances Credit Balances Cash 4,500       Accounts Receivable 40,860       Prepaid Insurance 7,620       Supplies 2,080       Land 120,150       Building 216,780       Accumulated Depreciation—Building     146,810   Equipment 144,390       Accumulated Depreciation—Equipment     104,570   Accounts Payable     12,810   Unearned Rent     7,270   Common Stock     80,000   Retained Earnings     155,500   Dividends 15,930       Fees Earned     346,250   Salaries and Wages Expense 206,370       Utilities Expense 45,360       Advertising Expense 24,240       Repairs Expense 18,350       Miscellaneous Expense 6,580         853,210   853,210   The data needed to determine year-end adjustments are as follows: Unexpired insurance at August 31, $5,110. Supplies on hand at August 31, $620. Depreciation of building for the year, $3,380. Depreciation of equipment for the year, $2,930. Rent unearned at August 31, $1,890. Accrued salaries and wages at August 31, $3,300. Fees earned but unbilled on August 31, $19,390. 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. a.   - Select -         - Select - b.   - Select -         - Select - c.   - Select -         - Select - d.   - Select -         - Select - e.   - Select -         - Select - f.   - Select -         - Select - g.   - Select -         - Select -   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. Rowland Company Adjusted Trial Balance August 31, 2018   Debit Balances Credit Balances   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select - Totals fill in the blank 668828082f94fff_79 fill in the blank 668828082f94fff_80

Adjusting Entries and Adjusted Trial Balances Rowland Company is a small editorial services company owned and operated by Fran Briggs. 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   Debit Balances Credit Balances Cash 4,500       Accounts Receivable 40,860       Prepaid Insurance 7,620       Supplies 2,080       Land 120,150       Building 216,780       Accumulated Depreciation—Building     146,810   Equipment 144,390       Accumulated Depreciation—Equipment     104,570   Accounts Payable     12,810   Unearned Rent     7,270   Common Stock     80,000   Retained Earnings     155,500   Dividends 15,930       Fees Earned     346,250   Salaries and Wages Expense 206,370       Utilities Expense 45,360       Advertising Expense 24,240       Repairs Expense 18,350       Miscellaneous Expense 6,580         853,210   853,210   The data needed to determine year-end adjustments are as follows: Unexpired insurance at August 31, $5,110. Supplies on hand at August 31, $620. Depreciation of building for the year, $3,380. Depreciation of equipment for the year, $2,930. Rent unearned at August 31, $1,890. Accrued salaries and wages at August 31, $3,300. Fees earned but unbilled on August 31, $19,390. 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. a.   - Select -         - Select - b.   - Select -         - Select - c.   - Select -         - Select - d.   - Select -         - Select - e.   - Select -         - Select - f.   - Select -         - Select - g.   - Select -         - Select -   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. Rowland Company Adjusted Trial Balance August 31, 2018   Debit Balances Credit Balances   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select -   - Select - - Select - Totals fill in the blank 668828082f94fff_79 fill in the blank 668828082f94fff_80

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Adjusting Entries and Adjusted Trial Balances

Rowland Company is a small editorial services company owned and operated by Fran Briggs. 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
  Debit
Balances		 Credit
Balances
Cash 4,500      
Accounts Receivable 40,860      
Prepaid Insurance 7,620      
Supplies 2,080      
Land 120,150      
Building 216,780      
Accumulated Depreciation—Building     146,810  
Equipment 144,390      
Accumulated Depreciation—Equipment     104,570  
Accounts Payable     12,810  
Unearned Rent     7,270  
Common Stock     80,000  
Retained Earnings     155,500  
Dividends 15,930      
Fees Earned     346,250  
Salaries and Wages Expense 206,370      
Utilities Expense 45,360      
Advertising Expense 24,240      
Repairs Expense 18,350      
Miscellaneous Expense 6,580      
  853,210   853,210  

The data needed to determine year-end adjustments are as follows:

    • Unexpired insurance at August 31, $5,110.
    • Supplies on hand at August 31, $620.
    • Depreciation of building for the year, $3,380.
    • Depreciation of equipment for the year, $2,930.
    • Rent unearned at August 31, $1,890.
    • Accrued salaries and wages at August 31, $3,300.
    • Fees earned but unbilled on August 31, $19,390.

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.

a.
 
 - Select -  
 
 
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e.
 
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f.
 
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g.
 
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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.

Rowland Company
Adjusted Trial Balance
August 31, 2018
  Debit Balances Credit Balances
 
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Totals fill in the blank 668828082f94fff_79 fill in the blank 668828082f94fff_80
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