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Adjusting entries
Timken Company specializes in the repair of music equipment and is owned and operated by Secilia Timken. On April 30, 2012, the end of the current year, the accountant for Timken Company prepared the following trial balances:
Timken Company
Trial Balance
April 30, 2012
Unadjusted
Adjusted
Debit
Credit
Balances
Cash
38,250
Accounts Receivable
109,500
Supplies
11,250
3,500
Prepaid Insurance
14,250
2,700
Equipment
360,450
Accumulated Depreciation-Equipment
94,500
107,000
Automobiles
Accumulated Depreciation-Automobiles
54,750
57,500
Accounts Payable
24,930
26,000
Salaries Payable
-
7,500
Unearned Service Fees
18,000
6,000
Secilia Timken, Capital
394,020
Secilia Timken, Drawing
75,000
Service Fees Earned
733,800
745,800
Salary Expense
516,900
524,400
Rent Expense
54,000
Supplies Expense
7,750
Depreciation Expense-Equipment
12,500
Depreciation Expense-Automobiles
2,750
Utilities Expense
12,900
13,970
Taxes Expense
8,175
Insurance Expense
11,550
Miscellaneous Expense
9,825
1,320,000
1,343,820
Instructions
Journalize the seven entries that adjusted the accounts at June 30. None of the accounts were affected by more than one adjusting entry.
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