Reece Financial Services, 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, 20Y9: Reece Financial ServicesUnadjusted Trial BalanceJuly 31, 20Y9 Line Item Description DebitBalances CreditBalances Cash 10,200 Accounts Receivable 34,750 Prepaid Insurance 6,000 Supplies 1,725 Land 50,000 Building 155,750 Accumulated Depreciation—Building 62,850 Equipment 45,000 Accumulated Depreciation—Equipment 17,650 Accounts Payable 3,750 Unearned Rent 3,600 Joni Reece, Capital 153,550 Joni Reece, Drawing 8,000 Fees Earned 158,600 Salaries and Wages Expense 56,850 Utilities Expense 14,100 Advertising Expense 7,500 Repairs Expense 6,100 Miscellaneous Expense 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. Required: Question Content Area 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.
Reece Financial Services, 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, 20Y9: Reece Financial ServicesUnadjusted Trial BalanceJuly 31, 20Y9 Line Item Description DebitBalances CreditBalances Cash 10,200 Accounts Receivable 34,750 Prepaid Insurance 6,000 Supplies 1,725 Land 50,000 Building 155,750 Accumulated Depreciation—Building 62,850 Equipment 45,000 Accumulated Depreciation—Equipment 17,650 Accounts Payable 3,750 Unearned Rent 3,600 Joni Reece, Capital 153,550 Joni Reece, Drawing 8,000 Fees Earned 158,600 Salaries and Wages Expense 56,850 Utilities Expense 14,100 Advertising Expense 7,500 Repairs Expense 6,100 Miscellaneous Expense 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. Required: Question Content Area 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.
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter5: Accounting Systems
Section: Chapter Questions
Problem 2E: Based on the data presented in Exercise 5-1, assume that the beginning balances for the customer...
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Question
Reece Financial Services, which specializes in appliance repair services, is owned and operated by Joni Reece. Reece Financial Services’ accounting clerk prepared the following unadjusted
Line Item Description | Debit Balances |
Credit Balances |
---|---|---|
Cash | 10,200 | |
34,750 | ||
Prepaid Insurance | 6,000 | |
Supplies | 1,725 | |
Land | 50,000 | |
Building | 155,750 | |
62,850 | ||
Equipment | 45,000 | |
Accumulated Depreciation—Equipment | 17,650 | |
Accounts Payable | 3,750 | |
Unearned Rent | 3,600 | |
Joni Reece, Capital | 153,550 | |
Joni Reece, Drawing | 8,000 | |
Fees Earned | 158,600 | |
Salaries and Wages Expense | 56,850 | |
Utilities Expense | 14,100 | |
Advertising Expense | 7,500 | |
Repairs Expense | 6,100 | |
Miscellaneous Expense | 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.
Required:
Question Content Area
1. Journalize the
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