Journalize the adjusting entries

Assignment Help Financial Accounting

Reference no: EM131207787

An unadjusted trial balance for Bob's Service Company as of July 31, 20__ is shown below.

	Debit	Credit
	Balances	Balances
Cash .	9,218
Accounts Receivable	7,277
Supplies	2,750
Prepaid Rent	8,712
Tools & Equipment	21,829
Accumulated Depreciation		1,535
Accounts Payable.		7,117
Capital Stock		5,000
Retained Earnings		32,417
Dividends	3,234
Service Fees		28,699
Salary Expense ...	15,929
Miscellaneous Expense	5,819 74,768	74,768

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

(a) Salaries accrued but not paid at the end of the month amount to $2,000.

(b) The $8,712 debit in the prepaid rent account is the payment of one year's rent on July 1.

(d) Depreciation of the tools and equipment for July is estimated at $400.

(e) Unrecorded fees for service rendered in July but collected in August amount to $2,100.

Instructions:
(1) Journalize the adjusting entries. Add additional accounts as needed.

(2) Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance.

Reference no: EM131207787

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