Pete's Roofing, Inc. Unadjusted Trial Balance December 31, 2014         Account   Debit Credit Cash    $                            5,000   Accounts Receivable                                20,000   Supplies                                   6,000   Prepaid Rent                                10,500   Equipment                             850,000   Accumulated Depreciation                               235,000 Other Assets                                65,000   Accounts Payable                                  10,500 Unearned Service Revenue                                  12,500 Note Payable                                  60,000 Common Stock                               285,000 Retained Earnings                                  35,000 Service Revenue                               625,000 Wages Expense                             205,000   Rent Expense                                92,600   Interest Expense                                   8,900   Totals    $                 1,263,000  $                 1,263,000                                     At year end, you have the following data for adjustments:                                                  An analysis indicates that prepaid rent on December 31 should be $4,000 A physical inventory shows that $1,650 of office supplies is on hand. Depreciation for 2014 is $40,000 An analysis indicates that unearned service revenue should be $6,500 Wages of $5,500 are owed but unpaid and unrecorded at year end.  Six month's interest at 5% on the note was paid on September 30. Interest for the period October 1 to December 31 is unpaid and unrecorded.                                                                                         REQUIRED:                                                                  Prepare the adjusting entries.                                     2.  After posting the adjusting entries, prepare an adjusted trial balance.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Pete's Roofing, Inc.
Unadjusted Trial Balance
December 31, 2014
       
Account   Debit Credit
Cash    $                            5,000  
Accounts Receivable                                20,000  
Supplies                                   6,000  
Prepaid Rent                                10,500  
Equipment                             850,000  
Accumulated Depreciation                               235,000
Other Assets                                65,000  
Accounts Payable                                  10,500
Unearned Service Revenue                                  12,500
Note Payable                                  60,000
Common Stock                               285,000
Retained Earnings                                  35,000
Service Revenue                               625,000
Wages Expense                             205,000  
Rent Expense                                92,600  
Interest Expense                                   8,900  
Totals    $                 1,263,000  $                 1,263,000

                                   

At year end, you have the following data for adjustments:                         

                       

  • An analysis indicates that prepaid rent on December 31 should be $4,000
  • A physical inventory shows that $1,650 of office supplies is on hand.
  • Depreciation for 2014 is $40,000
  • An analysis indicates that unearned service revenue should be $6,500
  • Wages of $5,500 are owed but unpaid and unrecorded at year end.
  •  Six month's interest at 5% on the note was paid on September 30. Interest for the period October 1 to December 31 is unpaid and unrecorded.                            
  •                                                            

REQUIRED:                             

                                   

  1. Prepare the adjusting entries.

                                   

2.  After posting the adjusting entries, prepare an adjusted trial balance.  

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