Rowland Company is a small editorial services company owned and operated by Fran Briggs. On August 31, 2018, the end of the current year, Rowland Company's accounting clerk prepared the following unadjusted trial balance:     Debit Balances   Credit Balances     Cash 5,110         Accounts Receivable 46,410         Prepaid Insurance 8,650         Supplies 2,360         Land 136,470         Building 246,170         Accumulated Depreciation—Building     166,750     Equipment 164,000         Accumulated Depreciation—Equipment     118,770     Accounts Payable     14,550     Unearned Rent     8,260     Common Stock     80,000     Retained Earnings     187,400     Dividends 18,090         Fees Earned     393,290     Salaries and Wages Expense 234,400         Utilities Expense 51,520         Advertising Expense 27,530         Repairs Expense 20,840         Miscellaneous Expense 7,470           969,020   969,020   The data needed to determine year-end adjustments are as follows: Unexpired insurance at August 31, $5,800. Supplies on hand at August 31, $710. Depreciation of building for the year, $3,840. Depreciation of equipment for the year, $3,330. Rent unearned at August 31, $2,150. Accrued salaries and wages at August 31, $3,750. Fees earned but unbilled on August 31, $22,020. Required: 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. If an amount box does not require an entry, leave it blank. Rowland Company Adjusted Trial Balance August 31, 2018   Debit Balances Credit Balances                                                                                                                                                             Totals

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Adjusting Entries and Adjusted Trial Balances

Rowland Company is a small editorial services company owned and operated by Fran Briggs. On August 31, 2018, the end of the current year, Rowland Company's accounting clerk prepared the following unadjusted trial balance:

    Debit
Balances
  Credit
Balances
 
  Cash 5,110      
  Accounts Receivable 46,410      
  Prepaid Insurance 8,650      
  Supplies 2,360      
  Land 136,470      
  Building 246,170      
  Accumulated Depreciation—Building     166,750  
  Equipment 164,000      
  Accumulated Depreciation—Equipment     118,770  
  Accounts Payable     14,550  
  Unearned Rent     8,260  
  Common Stock     80,000  
  Retained Earnings     187,400  
  Dividends 18,090      
  Fees Earned     393,290  
  Salaries and Wages Expense 234,400      
  Utilities Expense 51,520      
  Advertising Expense 27,530      
  Repairs Expense 20,840      
  Miscellaneous Expense 7,470      
    969,020   969,020  

The data needed to determine year-end adjustments are as follows:

    • Unexpired insurance at August 31, $5,800.
    • Supplies on hand at August 31, $710.
    • Depreciation of building for the year, $3,840.
    • Depreciation of equipment for the year, $3,330.
    • Rent unearned at August 31, $2,150.
    • Accrued salaries and wages at August 31, $3,750.
    • Fees earned but unbilled on August 31, $22,020.

Required:

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. If an amount box does not require an entry, leave it blank.

Rowland Company
Adjusted Trial Balance
August 31, 2018
  Debit Balances Credit Balances
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
Totals    
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