Reference no: EM13990987
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 accounting clerk prepared the following unadjusted trial balance:
| Rowland Company Unadjusted Trial Balance August 31, 2016 |
|
Debit Balance $
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Credit Balance $
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|
Cash
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7,500
|
|
|
Accounts Receivable
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38,400
|
|
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Prepaid Insurance
|
7,200
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|
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Supplies
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1,980
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|
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Land
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112,500
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|
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Building
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150,250
|
|
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Accumulated Depreciation-Building
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87,550
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Equipment
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135,300
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|
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Accumulated Depreciation-Equipment
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97,950
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|
Accounts Payable
|
|
12,150
|
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Unearned Rent
|
|
6,750
|
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Common Stock
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|
75,000
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Retained Earnings
|
|
146,000
|
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Dividends
|
15,000
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|
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Fees Earned
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|
324,600
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Salaries and Wages Expense
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193,370
|
|
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Utilities Expense
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42,375
|
|
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Advertising Expense
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22,800
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|
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Repairs Expense
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17,250
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|
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Miscellaneous Expense
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6,075
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|
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750,000
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750,000
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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 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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