Reece Financial Services Co., which specializes in appliance repair services, is owned and operated by Joni Reece. Reece Financial Services' accounting clerk prepared the following unadjusted trial balance at July 31, 2019 Reece Financial Services Co. Unadjusted Trial Balance July 31, 2019 Credit Debit Balances Balances Cash 10,200 34,750 6,000 1,725 50,000 155,750 Accounts Receivable. Prepaid Insurance . Supplies Land Building. Accumulated Depreciation-Building. Equipment.... Accumulated Depreciation-Equipment Accounts Payable 62,850 45,000 17,650 3,750 Unearned Rent 3,600 153,550 Joni Reece, Capital Joni Reece, Drawing Fees Earned..... 8,000 158,600 Salaries and Wages Expense. Utilities Expense Advertising Expense Repairs Expense.. Miscellaneous Expense 56,850 14,100 7,500 6,100 4,025 400,000 400,000 The data needed to determine year-end adjustments are as follows: Depreciation of building for the year, $6,400. Depreciation of equipment for the year, $2,800. Accrued salaries and wages at July 31, $900. Unexpired insurance at July 31, $1,500 Fees earned but unbilled on July 31, $10,200 Supplies on hand at July 31, $615. Rent unearned at July 31, $300 Instructions 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 2. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance
Reece Financial Services Co., which specializes in appliance repair services, is owned and operated by Joni Reece. Reece Financial Services' accounting clerk prepared the following unadjusted trial balance at July 31, 2019 Reece Financial Services Co. Unadjusted Trial Balance July 31, 2019 Credit Debit Balances Balances Cash 10,200 34,750 6,000 1,725 50,000 155,750 Accounts Receivable. Prepaid Insurance . Supplies Land Building. Accumulated Depreciation-Building. Equipment.... Accumulated Depreciation-Equipment Accounts Payable 62,850 45,000 17,650 3,750 Unearned Rent 3,600 153,550 Joni Reece, Capital Joni Reece, Drawing Fees Earned..... 8,000 158,600 Salaries and Wages Expense. Utilities Expense Advertising Expense Repairs Expense.. Miscellaneous Expense 56,850 14,100 7,500 6,100 4,025 400,000 400,000 The data needed to determine year-end adjustments are as follows: Depreciation of building for the year, $6,400. Depreciation of equipment for the year, $2,800. Accrued salaries and wages at July 31, $900. Unexpired insurance at July 31, $1,500 Fees earned but unbilled on July 31, $10,200 Supplies on hand at July 31, $615. Rent unearned at July 31, $300 Instructions 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 2. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Reece Financial Services Co., which specializes in appliance repair services, is owned and
operated by Joni Reece. Reece Financial Services' accounting clerk prepared the following
unadjusted trial balance at July 31, 2019
Reece Financial Services Co.
Unadjusted Trial Balance
July 31, 2019
Credit
Debit
Balances
Balances
Cash
10,200
34,750
6,000
1,725
50,000
155,750
Accounts Receivable.
Prepaid Insurance .
Supplies
Land
Building.
Accumulated Depreciation-Building.
Equipment....
Accumulated Depreciation-Equipment
Accounts Payable
62,850
45,000
17,650
3,750
Unearned Rent
3,600
153,550
Joni Reece, Capital
Joni Reece, Drawing
Fees Earned.....
8,000
158,600
Salaries and Wages Expense.
Utilities Expense
Advertising Expense
Repairs Expense..
Miscellaneous Expense
56,850
14,100
7,500
6,100
4,025
400,000
400,000
Transcribed Image Text:The data needed to determine year-end adjustments are as follows:
Depreciation of building for the year, $6,400.
Depreciation of equipment for the year, $2,800.
Accrued salaries and wages at July 31, $900.
Unexpired insurance at July 31, $1,500
Fees earned but unbilled on July 31, $10,200
Supplies on hand at July 31, $615.
Rent unearned at July 31, $300
Instructions
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
2. Determine the balances of the accounts affected by the adjusting entries and prepare
an adjusted trial balance
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