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This exercise will illustrate the preparation of adjusting entries from an unadjusted trial balance and additional data.
Tammy Equipment Rentals, Inc. began business in 2010. The following list of accounts and their balances represents the unadjusted trial balance of Tammy"s Equipment Rentals, Inc. at December 31, 2014, the end of the annual accounting period.
Debit
Credit
Cash
$16,500
Prepaid Insurance
4,320
Supplies
13,200
Land
62,000
Building
50,000
Equipment
130,000
Accumulated Depreciation-Buildinq
$10,000
Accumulated Depreciation-Fqiiipment
57,000
Note Payable
50.000
Accounts Payable
9,310
Unearned Rent Revenue
10,200
Common Stock
30,000
Retained Earnings
60,660
Dividends
31,000
Rent Revenue
161,960
Salaries and Wages Expense
70,600
Interest Expense
3,500
Miscellaneous Expense
3,010
$384,130
Additional data:
Instructions
(a) Prepare the year-end adjusting entries in general journal form using the information above.
(b) Prepare an adjusted trial balance at December 31, 2014.
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