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 3,590 Accounts Receivable 32,540 Prepaid Insurance 6,070 Supplies 1,650 Land 95,700 Building 252,590 Accumulated Depreciation—Building 116,930 Equipment 115,000 Accumulated Depreciation—Equipment 83,290 Accounts Payable 10,200 Unearned Rent 5,790 Suzanne Emerson, Capital 267,500 Suzanne Emerson, Drawing 12,690 Fees Earned 275,790 Salaries and Wages Expense 164,370 Utilities Expense 36,130 Advertising Expense 19,310 Repairs Expense 14,620 Miscellaneous Expense 5,240 759,500 759,500 The data needed to determine year-end adjustments are as follows: Unexpired insurance at October 31, $4,070. Supplies on hand at October 31, $500. Depreciation of building for the year, $2,690. Depreciation of equipment for the year, $2,330. Unearned rent at October 31, $1,510. Accrued salaries and wages at October 31, $2,630. Fees earned but unbilled on October 31, $15,440. 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 16113e02505cf96_2 fill in the blank 16113e02505cf96_3 fill in the blank 16113e02505cf96_5 fill in the blank 16113e02505cf96_6 31 fill in the blank 16113e02505cf96_8 fill in the blank 16113e02505cf96_9 fill in the blank 16113e02505cf96_11 fill in the blank 16113e02505cf96_12 31 fill in the blank 16113e02505cf96_14 fill in the blank 16113e02505cf96_15 fill in the blank 16113e02505cf96_17 fill in the blank 16113e02505cf96_18 31 fill in the blank 16113e02505cf96_20 fill in the blank 16113e02505cf96_21 fill in the blank 16113e02505cf96_23 fill in the blank 16113e02505cf96_24 31 fill in the blank 16113e02505cf96_26 fill in the blank 16113e02505cf96_27 fill in the blank 16113e02505cf96_29 fill in the blank 16113e02505cf96_30 31 fill in the blank 16113e02505cf96_32 fill in the blank 16113e02505cf96_33 fill in the blank 16113e02505cf96_35 fill in the blank 16113e02505cf96_36 31 fill in the blank 16113e02505cf96_38 fill in the blank 16113e02505cf96_39 fill in the blank 16113e02505cf96_41 fill in the blank 16113e02505cf96_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 b2b501fe4ffb028_2 fill in the blank b2b501fe4ffb028_3 fill in the blank b2b501fe4ffb028_5 fill in the blank b2b501fe4ffb028_6 fill in the blank b2b501fe4ffb028_8 fill in the blank b2b501fe4ffb028_9 fill in the blank b2b501fe4ffb028_11 fill in the blank b2b501fe4ffb028_12 fill in the blank b2b501fe4ffb028_14 fill in the blank b2b501fe4ffb028_15 fill in the blank b2b501fe4ffb028_17 fill in the blank b2b501fe4ffb028_18 fill in the blank b2b501fe4ffb028_20 fill in the blank b2b501fe4ffb028_21 fill in the blank b2b501fe4ffb028_23 fill in the blank b2b501fe4ffb028_24 fill in the blank b2b501fe4ffb028_26 fill in the blank b2b501fe4ffb028_27 fill in the blank b2b501fe4ffb028_29 fill in the blank b2b501fe4ffb028_30 fill in the blank b2b501fe4ffb028_32 fill in the blank b2b501fe4ffb028_33 fill in the blank b2b501fe4ffb028_35 fill in the blank b2b501fe4ffb028_36 fill in the blank b2b501fe4ffb028_38 fill in the blank b2b501fe4ffb028_39 fill in the blank b2b501fe4ffb028_41 fill in the blank b2b501fe4ffb028_42 fill in the blank b2b501fe4ffb028_44 fill in the blank b2b501fe4ffb028_45 fill in the blank b2b501fe4ffb028_47 fill in the blank b2b501fe4ffb028_48 fill in the blank b2b501fe4ffb028_50 fill in the blank b2b501fe4ffb028_51 fill in the blank b2b501fe4ffb028_53 fill in the blank b2b501fe4ffb028_54 fill in the blank b2b501fe4ffb028_56 fill in the blank b2b501fe4ffb028_57 fill in the blank b2b501fe4ffb028_59 fill in the blank b2b501fe4ffb028_60 fill in the blank b2b501fe4ffb028_62 fill in the blank b2b501fe4ffb028_63 fill in the blank b2b501fe4ffb028_65 fill in the blank b2b501fe4ffb028_66 fill in the blank b2b501fe4ffb028_68 fill in the blank b2b501fe4ffb028_69 fill in the blank b2b501fe4ffb028_71 fill in the blank b2b501fe4ffb028_72 fill in the blank b2b501fe4ffb028_74 fill in the blank b2b501fe4ffb028_75 fill in the blank b2b501fe4ffb028_76 fill in the blank b2b501fe4ffb028_77
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 3,590 Accounts Receivable 32,540 Prepaid Insurance 6,070 Supplies 1,650 Land 95,700 Building 252,590 Accumulated Depreciation—Building 116,930 Equipment 115,000 Accumulated Depreciation—Equipment 83,290 Accounts Payable 10,200 Unearned Rent 5,790 Suzanne Emerson, Capital 267,500 Suzanne Emerson, Drawing 12,690 Fees Earned 275,790 Salaries and Wages Expense 164,370 Utilities Expense 36,130 Advertising Expense 19,310 Repairs Expense 14,620 Miscellaneous Expense 5,240 759,500 759,500 The data needed to determine year-end adjustments are as follows: Unexpired insurance at October 31, $4,070. Supplies on hand at October 31, $500. Depreciation of building for the year, $2,690. Depreciation of equipment for the year, $2,330. Unearned rent at October 31, $1,510. Accrued salaries and wages at October 31, $2,630. Fees earned but unbilled on October 31, $15,440. 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 16113e02505cf96_2 fill in the blank 16113e02505cf96_3 fill in the blank 16113e02505cf96_5 fill in the blank 16113e02505cf96_6 31 fill in the blank 16113e02505cf96_8 fill in the blank 16113e02505cf96_9 fill in the blank 16113e02505cf96_11 fill in the blank 16113e02505cf96_12 31 fill in the blank 16113e02505cf96_14 fill in the blank 16113e02505cf96_15 fill in the blank 16113e02505cf96_17 fill in the blank 16113e02505cf96_18 31 fill in the blank 16113e02505cf96_20 fill in the blank 16113e02505cf96_21 fill in the blank 16113e02505cf96_23 fill in the blank 16113e02505cf96_24 31 fill in the blank 16113e02505cf96_26 fill in the blank 16113e02505cf96_27 fill in the blank 16113e02505cf96_29 fill in the blank 16113e02505cf96_30 31 fill in the blank 16113e02505cf96_32 fill in the blank 16113e02505cf96_33 fill in the blank 16113e02505cf96_35 fill in the blank 16113e02505cf96_36 31 fill in the blank 16113e02505cf96_38 fill in the blank 16113e02505cf96_39 fill in the blank 16113e02505cf96_41 fill in the blank 16113e02505cf96_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 b2b501fe4ffb028_2 fill in the blank b2b501fe4ffb028_3 fill in the blank b2b501fe4ffb028_5 fill in the blank b2b501fe4ffb028_6 fill in the blank b2b501fe4ffb028_8 fill in the blank b2b501fe4ffb028_9 fill in the blank b2b501fe4ffb028_11 fill in the blank b2b501fe4ffb028_12 fill in the blank b2b501fe4ffb028_14 fill in the blank b2b501fe4ffb028_15 fill in the blank b2b501fe4ffb028_17 fill in the blank b2b501fe4ffb028_18 fill in the blank b2b501fe4ffb028_20 fill in the blank b2b501fe4ffb028_21 fill in the blank b2b501fe4ffb028_23 fill in the blank b2b501fe4ffb028_24 fill in the blank b2b501fe4ffb028_26 fill in the blank b2b501fe4ffb028_27 fill in the blank b2b501fe4ffb028_29 fill in the blank b2b501fe4ffb028_30 fill in the blank b2b501fe4ffb028_32 fill in the blank b2b501fe4ffb028_33 fill in the blank b2b501fe4ffb028_35 fill in the blank b2b501fe4ffb028_36 fill in the blank b2b501fe4ffb028_38 fill in the blank b2b501fe4ffb028_39 fill in the blank b2b501fe4ffb028_41 fill in the blank b2b501fe4ffb028_42 fill in the blank b2b501fe4ffb028_44 fill in the blank b2b501fe4ffb028_45 fill in the blank b2b501fe4ffb028_47 fill in the blank b2b501fe4ffb028_48 fill in the blank b2b501fe4ffb028_50 fill in the blank b2b501fe4ffb028_51 fill in the blank b2b501fe4ffb028_53 fill in the blank b2b501fe4ffb028_54 fill in the blank b2b501fe4ffb028_56 fill in the blank b2b501fe4ffb028_57 fill in the blank b2b501fe4ffb028_59 fill in the blank b2b501fe4ffb028_60 fill in the blank b2b501fe4ffb028_62 fill in the blank b2b501fe4ffb028_63 fill in the blank b2b501fe4ffb028_65 fill in the blank b2b501fe4ffb028_66 fill in the blank b2b501fe4ffb028_68 fill in the blank b2b501fe4ffb028_69 fill in the blank b2b501fe4ffb028_71 fill in the blank b2b501fe4ffb028_72 fill in the blank b2b501fe4ffb028_74 fill in the blank b2b501fe4ffb028_75 fill in the blank b2b501fe4ffb028_76 fill in the blank b2b501fe4ffb028_77
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
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 | 3,590 | |||
| 32,540 | ||||
| Prepaid Insurance | 6,070 | |||
| Supplies | 1,650 | |||
| Land | 95,700 | |||
| Building | 252,590 | |||
| 116,930 | ||||
| Equipment | 115,000 | |||
| Accumulated Depreciation—Equipment | 83,290 | |||
| Accounts Payable | 10,200 | |||
| Unearned Rent | 5,790 | |||
| Suzanne Emerson, Capital | 267,500 | |||
| Suzanne Emerson, Drawing | 12,690 | |||
| Fees Earned | 275,790 | |||
| Salaries and Wages Expense | 164,370 | |||
| Utilities Expense | 36,130 | |||
| Advertising Expense | 19,310 | |||
| Repairs Expense | 14,620 | |||
| Miscellaneous Expense | 5,240 | |||
| 759,500 | 759,500 |
The data needed to determine year-end adjustments are as follows:
- Unexpired insurance at October 31, $4,070.
- Supplies on hand at October 31, $500.
- Depreciation of building for the year, $2,690.
- Depreciation of equipment for the year, $2,330.
- Unearned rent at October 31, $1,510.
- Accrued salaries and wages at October 31, $2,630.
- Fees earned but unbilled on October 31, $15,440.
Required:
1. Journalize the
| 20Y6 Oct. 31 |
fill in the blank 16113e02505cf96_2 | fill in the blank 16113e02505cf96_3 | |
| fill in the blank 16113e02505cf96_5 | fill in the blank 16113e02505cf96_6 | ||
| 31 | fill in the blank 16113e02505cf96_8 | fill in the blank 16113e02505cf96_9 | |
| fill in the blank 16113e02505cf96_11 | fill in the blank 16113e02505cf96_12 | ||
| 31 | fill in the blank 16113e02505cf96_14 | fill in the blank 16113e02505cf96_15 | |
| fill in the blank 16113e02505cf96_17 | fill in the blank 16113e02505cf96_18 | ||
| 31 | fill in the blank 16113e02505cf96_20 | fill in the blank 16113e02505cf96_21 | |
| fill in the blank 16113e02505cf96_23 | fill in the blank 16113e02505cf96_24 | ||
| 31 | fill in the blank 16113e02505cf96_26 | fill in the blank 16113e02505cf96_27 | |
| fill in the blank 16113e02505cf96_29 | fill in the blank 16113e02505cf96_30 | ||
| 31 | fill in the blank 16113e02505cf96_32 | fill in the blank 16113e02505cf96_33 | |
| fill in the blank 16113e02505cf96_35 | fill in the blank 16113e02505cf96_36 | ||
| 31 | fill in the blank 16113e02505cf96_38 | fill in the blank 16113e02505cf96_39 | |
| fill in the blank 16113e02505cf96_41 | fill in the blank 16113e02505cf96_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 b2b501fe4ffb028_2 | fill in the blank b2b501fe4ffb028_3 | |
| fill in the blank b2b501fe4ffb028_5 | fill in the blank b2b501fe4ffb028_6 | |
| fill in the blank b2b501fe4ffb028_8 | fill in the blank b2b501fe4ffb028_9 | |
| fill in the blank b2b501fe4ffb028_11 | fill in the blank b2b501fe4ffb028_12 | |
| fill in the blank b2b501fe4ffb028_14 | fill in the blank b2b501fe4ffb028_15 | |
| fill in the blank b2b501fe4ffb028_17 | fill in the blank b2b501fe4ffb028_18 | |
| fill in the blank b2b501fe4ffb028_20 | fill in the blank b2b501fe4ffb028_21 | |
| fill in the blank b2b501fe4ffb028_23 | fill in the blank b2b501fe4ffb028_24 | |
| fill in the blank b2b501fe4ffb028_26 | fill in the blank b2b501fe4ffb028_27 | |
| fill in the blank b2b501fe4ffb028_29 | fill in the blank b2b501fe4ffb028_30 | |
| fill in the blank b2b501fe4ffb028_32 | fill in the blank b2b501fe4ffb028_33 | |
| fill in the blank b2b501fe4ffb028_35 | fill in the blank b2b501fe4ffb028_36 | |
| fill in the blank b2b501fe4ffb028_38 | fill in the blank b2b501fe4ffb028_39 | |
| fill in the blank b2b501fe4ffb028_41 | fill in the blank b2b501fe4ffb028_42 | |
| fill in the blank b2b501fe4ffb028_44 | fill in the blank b2b501fe4ffb028_45 | |
| fill in the blank b2b501fe4ffb028_47 | fill in the blank b2b501fe4ffb028_48 | |
| fill in the blank b2b501fe4ffb028_50 | fill in the blank b2b501fe4ffb028_51 | |
| fill in the blank b2b501fe4ffb028_53 | fill in the blank b2b501fe4ffb028_54 | |
| fill in the blank b2b501fe4ffb028_56 | fill in the blank b2b501fe4ffb028_57 | |
| fill in the blank b2b501fe4ffb028_59 | fill in the blank b2b501fe4ffb028_60 | |
| fill in the blank b2b501fe4ffb028_62 | fill in the blank b2b501fe4ffb028_63 | |
| fill in the blank b2b501fe4ffb028_65 | fill in the blank b2b501fe4ffb028_66 | |
| fill in the blank b2b501fe4ffb028_68 | fill in the blank b2b501fe4ffb028_69 | |
| fill in the blank b2b501fe4ffb028_71 | fill in the blank b2b501fe4ffb028_72 | |
| fill in the blank b2b501fe4ffb028_74 | fill in the blank b2b501fe4ffb028_75 | |
| fill in the blank b2b501fe4ffb028_76 | fill in the blank b2b501fe4ffb028_77 |
Transcribed Image Text:Adjusting Entries and Adjuted Trial Balances
Emersan Company is a semall 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, 2OY6
Debit
Credit
Balances
Balances
Cash
3,590
Accounts Receivatle
32,540
Prépaid Insurance
6,070
Suppies
1,650
Land
95, 700
Buildng
252,590
Accumulated Depreciation-Building
116,930
Equipmant
115,000
Accumulated Depreciation-Equipment
83,290
Accounts Payable
10,200
Unearned Rant
5,790
Susanne Emerson, Capital
267,500
Susanne Emerson, Draning
12,690
Fees Earned
275,790
Salaries and Wages Expense
164,370
Utikties Expense
36,130
Advertising Expense
19,310
oupairs Expense
14,620
Miscellaneous Expene
5,240
759.500
759,500
The data needed ta determine year-end adjustments are as folows:
. Unexpired iniurance at October 31, 4,070.
• Supples an hand at October 31, s500.
• Depreciation of building for the yaar, 52,600.
• Depreciation of equipment for the year, 52,330.
• Unearned rent at October 31, $1,510.
• Accrued salaries and mages at October 31, $2,630.
• Fees carned bul untiled on October 31, S15,40.
Required:
1. Journalioe the adjusting entriesi using the folowing additional accounts: Salaries and Wages Payable; kent kevenue; Irurance Experse; Depreciation Experse-Building; Depreciation Expense-Equipment; and Supplies Expense. If an amourt box does not require an entry, karve it blank.
206
Oct. 31
31
31
31
31
31
31
Transcribed Image Text:2. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance. If an amount box does net require an entry, leave it blank.
Emerson Company
Adjusted Trial Balance
October 31, 20Y6
Debit Balances Credit Balances
Expert Solution
Introduction
Adjusting journal entry are prepared to make required adjustments in the unadjusted trial balance so that an adjusted trial balance with correct account balance can be prepared. Balances from adjusted trial balance then post to different financial statements.
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