Solution-Journalize the seven entries that adjusted the

Journalize the seven entries that adjusted the accounts

Reference no: EM13981437

PR 3-4B Adjusting entries

Goldfinch Company specializes in the maintenance and repair of signs, such as billboards. On January 31, 2012, the accountant for Goldfinch Company prepared the following trial balances:

Goldfinch Company
Trial Balance
January 31, 2012
	Unadjusted		Adjusted
	Debit	Credit	Debit	Credit
	Balances	Balances	Balances	Balances
Cash	4,750		4,750
Accounts Receivable	17,400		17,400
Supplies	6,200		1,475
Prepaid Insurance	9,000		2,700
Land	50,000		50,000
Buildings	120,000		120,000
Accumulated Depreciation-Buildings		51,500		60,000
Trucks	75,000		75,000
Accumulated Depreciation-Trucks		12,000		13,550
Accounts Payable		6,920		8,000
Salaries Payable		-		750
Unearned Service Fees		10,500		6,000
Marsha Parlik, Capital		156,400		156,400
Marsha Parlik, Drawing	7,500		7,500
Service Fees Earned		162,680		167,180
Salary Expense	80,000		80,750
Depreciation Expense-Trucks	-		1,550
Rent Expense	11,900		11,900
Supplies Expense	-		4,725
Utilities Expense	6,200		7,280
Depreciation Expense-Buildings	-		8,500
Taxes Expense	2,900		2,900
Insurance Expense	-		6,300
Miscellaneous Expense	9,150		9,150
	400,000	400,000	411,880	411,880

Instructions

Journalize the seven entries that adjusted the accounts at January 31. None of the accounts were affected by more than one adjusting entry.

Reference no: EM13981437

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Journalize the seven entries that adjusted the accounts

Reference no: EM13981437

Reference no: EM13981437

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