Good Note Company specializes in the repair of music equipment and is owned and operated by Robin Stahl. On November 30, 2018, the end of the current year, the accountant for Good Note prepared the following trial balances:   Good Note Company Trial Balances November 30, 2018 1   Unadjusted Debit Balances Unadjusted Credit Balances Adjusted Debit Balances Adjusted Credit Balances 2 Cash 38,250.00   38,250.00   3 Accounts Receivable 89,500.00   89,500.00   4 Supplies 11,250.00   2,400.00   5 Prepaid Insurance 14,250.00   3,850.00   6 Equipment 290,450.00   290,450.00   7 Accumulated Depreciation—Equipment   94,500.00   106,100.00 8 Automobiles 129,500.00   129,500.00   9 Accumulated Depreciation—Automobiles   54,750.00   62,050.00 10 Accounts Payable   24,930.00   26,130.00 11 Salaries Payable   —   8,100.00 12 Unearned Service Fees   18,000.00   9,000.00 13 Common Stock   100,000.00   100,000.00 14 Retained Earnings   224,020.00   224,020.00 15 Dividends 75,000.00   75,000.00   16 Service Fees Earned   733,800.00   742,800.00 17 Salary Expense 516,900.00   525,000.00   18 Rent Expense 54,000.00   54,000.00   19 Supplies Expense —   8,850.00   20 Depreciation Expense—Equipment —   11,600.00   21 Depreciation Expense—Automobiles —   7,300.00   22 Utilities Expense 12,900.00   14,100.00   23 Taxes Expense 8,175.00   8,175.00   24 Insurance Expense —   10,400.00   25 Miscellaneous Expense 9,825.00   9,825.00   26   $1,250,000.00 $1,250,000.00 $1,278,200.00 $1,278,200.00       Compare the unadjusted trial balance to the adjusted trial balance. Journalize the seven entries that adjusted the accounts at November 30. None of the accounts were affected by more than one adjusting entry. Refer to the Chart of Accounts for exact wording of account titles.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Good Note Company specializes in the repair of music equipment and is owned and operated by Robin Stahl. On November 30, 2018, the end of the current year, the accountant for Good Note prepared the following trial balances:
 
Good Note Company
Trial Balances
November 30, 2018
1
 
Unadjusted Debit Balances
Unadjusted Credit Balances
Adjusted Debit Balances
Adjusted Credit Balances
2
Cash
38,250.00
 
38,250.00
 
3
Accounts Receivable
89,500.00
 
89,500.00
 
4
Supplies
11,250.00
 
2,400.00
 
5
Prepaid Insurance
14,250.00
 
3,850.00
 
6
Equipment
290,450.00
 
290,450.00
 
7
Accumulated Depreciation—Equipment
 
94,500.00
 
106,100.00
8
Automobiles
129,500.00
 
129,500.00
 
9
Accumulated Depreciation—Automobiles
 
54,750.00
 
62,050.00
10
Accounts Payable
 
24,930.00
 
26,130.00
11
Salaries Payable
 
 
8,100.00
12
Unearned Service Fees
 
18,000.00
 
9,000.00
13
Common Stock
 
100,000.00
 
100,000.00
14
Retained Earnings
 
224,020.00
 
224,020.00
15
Dividends
75,000.00
 
75,000.00
 
16
Service Fees Earned
 
733,800.00
 
742,800.00
17
Salary Expense
516,900.00
 
525,000.00
 
18
Rent Expense
54,000.00
 
54,000.00
 
19
Supplies Expense
 
8,850.00
 
20
Depreciation Expense—Equipment
 
11,600.00
 
21
Depreciation Expense—Automobiles
 
7,300.00
 
22
Utilities Expense
12,900.00
 
14,100.00
 
23
Taxes Expense
8,175.00
 
8,175.00
 
24
Insurance Expense
 
10,400.00
 
25
Miscellaneous Expense
9,825.00
 
9,825.00
 
26
 
$1,250,000.00
$1,250,000.00
$1,278,200.00
$1,278,200.00
 
 
 
Compare the unadjusted trial balance to the adjusted trial balance. Journalize the seven entries that adjusted the accounts at November 30. None of the accounts were affected by more than one adjusting entry. Refer to the Chart of Accounts for exact wording of account titles.
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