Solution-Prepared an unadjusted trial balance

Prepared an unadjusted trial balance

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Reference no: EM131137894

Good Note Company specializes in the repair of music equipment and is owned and operated by Robin Stahl. On November 30, 2016, the end of the current year, the accountant for Good Note Company prepared an unadjusted trial balance and an adjusted trial balance.

Good Note Company UNADJUSTED TRIAL BALANCE November 30, 2016

	ACCOUNT TITLE	DEBIT	CREDIT
1	Cash	38,080.00
2	Accounts Receivable	90,280.00
3	Supplies	11,100.00
4	Prepaid Insurance	14,720.00
5	Equipment	290,735.00
6	Accumulated Depreciation-Equipment		94,385.00
7	Automobiles	128,730.00
8	Accumulated Depreciation-Automobiles		54,060.00
9	Accounts Payable		25,760.00
10	Salaries Payable
11	Unearned Service Fees		17,410.00
12	Common Stock		109,000.00
13	Retained Earnings		212,035.00
14	Dividends	74,980.00
15	Service Fees Earned		739,500.00
16	Salaries Expense	518,000.00
17	Rent Expense	54,365.00
18	Supplies Expense
19	Depreciation Expense-Equipment
20	Depreciation Expense-Automobiles
21	Utilities Expense	12,615.00
22	Taxes Expense	7,790.00
23	Insurance Expense
24	Miscellaneous Expense	10,755.00
25	Totals	1,252,150.00	1,252,150.00

Compare the unadjusted trial balance to the adjusted trial balance. Journalize the seven entries that adjusted the accounts at November 30. None of the accounts were affected by more than one adjusting entry. Refer to the Chart of Accounts for exact wording of account titles.

Good Note Company ADJUSTED TRIAL BALANCE November 30, 2016

	ACCOUNT TITLE	DEBIT	CREDIT
1	Cash	38,080.00
2	Accounts Receivable	90,280.00
3	Supplies	1,920.00
4	Prepaid Insurance	3,580.00
5	Equipment	290,735.00
6	Accumulated Depreciation-Equipment		105,605.00
7	Automobiles	128,730.00
8	Accumulated Depreciation-Automobiles		62,295.00
9	Accounts Payable		26,975.00
10	Salaries Payable		7,415.00
11	Unearned Service Fees		8,635.00
12	Common Stock		109,000.00
13	Retained Earnings		212,035.00
14	Dividends	74,980.00
15	Service Fees Earned		748,275.00
16	Salaries Expense	525,415.00
17	Rent Expense	54,365.00
18	Supplies Expense	9,180.00
19	Depreciation Expense-Equipment	11,220.00
20	Depreciation Expense-Automobiles	8,235.00
21	Utilities Expense	13,830.00
22	Taxes Expense	7,790.00
23	Insurance Expense	11,140.00
24	Miscellaneous Expense	10,755.00
25	Totals	1,280,235.00	1,280,235.00

CHART OF ACCOUNTS

Good Note Company

General Ledger

	ASSETS
11	Cash
12	Accounts Receivable
13	Supplies
14	Prepaid Insurance
16	Equipment
17	Accumulated Depreciation-Equipment
18	Automobiles
19	Accumulated Depreciation-Automobiles
	LIABILITIES
21	Accounts Payable
22	Salaries Payable
23	Unearned Service Fees

	EQUITY
31	Common Stock
32	Retained Earnings
33	Dividends

	REVENUE
41	Service Fees Earned
	EXPENSES
51	Salaries Expense
52	Rent Expense
53	Supplies Expense
54	Depreciation Expense-Equipment
55	Depreciation Expense-Automobiles
56	Utilities Expense
57	Taxes Expense
58	Insurance Expense
59	Miscellaneous Expense

Reference no: EM131137894

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Prepared an unadjusted trial balance

Reference no: EM131137894

Reference no: EM131137894

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