Robinson Electric Company adjusts and closes its accounts at the end of each month. The unadjusted trial balance at end of the March 2021, before adjustments, is as follows: Debit Credit $61,100 Cash Account Receivable $8,100 Prepaid Rent $24,000 Office Supplies $2,200 Equipment $36,000 Accumulated Depreciation Equipment Accounts Payable H Notes Payable Unearned Fees Capital Stock Retained Earnings Dividends $4,500 Fees Earned Salary Expense $37,500 Utility Expense Insurance Expense 15,900 $4,300 date/note Account $000 $5,500 16,600 18,400 $33,000 $45,000 $78,800 $183,300 $183,300 The following information relates to month-end adjustments 1. Office supplies on hand amounted to $1150 2. Purchaded brand new equipment on the 1st of the month with useful life of 7 years and $1,000 residual value (straight line method) 3. Many clients pay in advance. Fees of $5,500 were earned during the month by performing contracts for clients who had paid in advance. 4. Salaries earned by employees during the month but not yet recorded amounted to $2,300 5. On the first of the month, Best Co moved in and paid 8 months' rent in advance 50ebit Prepare the adjusting entries required at the end of the month using below format: 4 SCredit

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Robinson Electric Company adjusts and closes its accounts at the end of each month.
The unadjusted trial balance at end of the March 2021, before adjustments, is as follows:
Debit
Credit
$61,100
Cash
Account Receivable
Prepaid Rent
$24,000
Office Supplies
$2,200
Equipment
$36,000
Accumulated Depreciation Equipment
Accounts Payable
H
Notes Payable
Unearned Fees
Capital Stock
Retained Earnings
Dividends
$4,500
Fees Earned
Salary Expense
Utility Expense
Insurance Expense
$8,100
$37,500
date/note Account
15,900
$4,300
$000
$5,500
16,600
18,400
$33,000
$45,000
$78,800
$183,300 $183,300
The following information relates to month-end adjustments
1. Office supplies on hand amounted to $1150
2. Purchaded brand new equipment on the 1st of the month with useful life of 7 years and $1,000 residual value (straight line method)
3. Many clients pay in advance. Fees of $5,500 were earned during the month by performing contracts for clients who had paid in advance.
4. Salaries earned by employees during the month but not yet recorded amounted to $2,300
5. On the first of the month, Best Co moved in and paid 8 months' rent in advance.
50ebit
Prepare the adjusting entries required at the end of the month using below format:
▷
SCredit
Transcribed Image Text:Robinson Electric Company adjusts and closes its accounts at the end of each month. The unadjusted trial balance at end of the March 2021, before adjustments, is as follows: Debit Credit $61,100 Cash Account Receivable Prepaid Rent $24,000 Office Supplies $2,200 Equipment $36,000 Accumulated Depreciation Equipment Accounts Payable H Notes Payable Unearned Fees Capital Stock Retained Earnings Dividends $4,500 Fees Earned Salary Expense Utility Expense Insurance Expense $8,100 $37,500 date/note Account 15,900 $4,300 $000 $5,500 16,600 18,400 $33,000 $45,000 $78,800 $183,300 $183,300 The following information relates to month-end adjustments 1. Office supplies on hand amounted to $1150 2. Purchaded brand new equipment on the 1st of the month with useful life of 7 years and $1,000 residual value (straight line method) 3. Many clients pay in advance. Fees of $5,500 were earned during the month by performing contracts for clients who had paid in advance. 4. Salaries earned by employees during the month but not yet recorded amounted to $2,300 5. On the first of the month, Best Co moved in and paid 8 months' rent in advance. 50ebit Prepare the adjusting entries required at the end of the month using below format: ▷ SCredit
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