The data needed to determine year-end adjustments are as follows: a. Unexpired insurance at August 31, $6,000. b. Supplies on hand at August 31, $480. c. Depreciation of building for the year, $7,500. d. Depreciation of equipment for the year, $4,150. e. Rent unearned at August 31, $1.550. f Accrued salaries and wages at August 31, $3,200. g. Fees earned but unbilled on August 31. $11.330. Instructions 1. Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable; Rent Revenue: Insurance Expense; Depreciation Expense-Building: Depreciation Eapense-Equipment, and Supplies Expense. 2. Determine the balances of the accounts affected by the adjusting entries, and prepare an adjusted crial balance.

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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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PR 3-5A Adjusting entries and adjusted trial balances
Rowland Company is a small editorial services company owned and operated by Marlene
Rowland, On August 31, 2016, the end of the current year, Rowland Company's account-
ing clerk prepared the following unadjusted trial balance:
оB), 2, 3, 4
Rowland Comnpany
Unadjusted Trial Balance
August 31, 2016
券
Credit
Balances
Debit
Balances
Cash
Accounts Receivable.
Prepaid Insurance
Supplies.
Land
Building
Accumulated Depreciation-Building.
Equipment.
Accumulated Depreciation-Cquipment..... A **
7,500,
38,400
7,200
1,980
112,500
150,250
87.550
135,300
97,950
12.150
Accounts Payoble
Unearned Rent
Marlene Rowland, Capital
Marlene Rowland, Drawing
Fees Earned,..
Salaries and Wages Expense.
Utilities Expense
Advertising Expense..
6,750
221,000
15,000
324,600
42,375
17.250
6.075
750.000
Miscellaneous Expense
*
750,000
Transcribed Image Text:PR 3-5A Adjusting entries and adjusted trial balances Rowland Company is a small editorial services company owned and operated by Marlene Rowland, On August 31, 2016, the end of the current year, Rowland Company's account- ing clerk prepared the following unadjusted trial balance: оB), 2, 3, 4 Rowland Comnpany Unadjusted Trial Balance August 31, 2016 券 Credit Balances Debit Balances Cash Accounts Receivable. Prepaid Insurance Supplies. Land Building Accumulated Depreciation-Building. Equipment. Accumulated Depreciation-Cquipment..... A ** 7,500, 38,400 7,200 1,980 112,500 150,250 87.550 135,300 97,950 12.150 Accounts Payoble Unearned Rent Marlene Rowland, Capital Marlene Rowland, Drawing Fees Earned,.. Salaries and Wages Expense. Utilities Expense Advertising Expense.. 6,750 221,000 15,000 324,600 42,375 17.250 6.075 750.000 Miscellaneous Expense * 750,000
The data needed to determnine year-end adjustments are as follows:
a. Unexpired insurance at August 31, $6,00.
b. Supplies on hand at August 31, $480.
c. Depreciation of building for the year. $7,500.
d. Depreciation of equipment for the year, $4.150.
e. Rent unearned at August 31, $1.550.
f. Accrued salaries and wages at August 31, $3,2200.
g. Fees earned but unbilled on August 31. $11,330.
Instructions
1. Journalize the adjusting entries using the folowwing 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.
Transcribed Image Text:The data needed to determnine year-end adjustments are as follows: a. Unexpired insurance at August 31, $6,00. b. Supplies on hand at August 31, $480. c. Depreciation of building for the year. $7,500. d. Depreciation of equipment for the year, $4.150. e. Rent unearned at August 31, $1.550. f. Accrued salaries and wages at August 31, $3,2200. g. Fees earned but unbilled on August 31. $11,330. Instructions 1. Journalize the adjusting entries using the folowwing 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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