Reference no: EM132439160
Question - Adjusting Entries and Adjusted Trial Balances
Reece Financial Services Co., which specializes in appliance repair services, is owned and operated by Joni Reece. Reece Financial Services' accounting clerk prepared the following unadjusted trial balance at July 31, 2019:
|
Reece Financial Services Co. Unadjusted Trial Balance July 31, 2019
|
|
|
Debit Balances
|
Credit Balances
|
|
Cash
|
10,200
|
|
|
Accounts Receivable
|
34,750
|
|
|
Prepaid Insurance
|
6,000
|
|
|
Supplies
|
1,725
|
|
|
Land
|
50,000
|
|
|
Building
|
155,750
|
|
|
Accumulated Depreciation-Building
|
|
62,850
|
|
Equipment
|
45,000
|
|
|
Accumulated Depreciation-Equipment
|
|
17,650
|
|
Accounts Payable
|
|
3,750
|
|
Unearned Rent
|
|
3,600
|
|
Joni Reece, Capital
|
|
153,550
|
|
Joni Reece, Drawing
|
8,000
|
|
|
Fees Earned
|
|
158,600
|
|
Salaries and Wages Expense
|
56,850
|
|
|
Utilities Expense
|
14,100
|
|
|
Advertising Expense
|
7,500
|
|
|
Repairs Expense
|
6,100
|
|
|
Miscellaneous Expense
|
4,025
|
|
|
|
400,000
|
400,000
|
The data needed to determine year-end adjustments are as follows:
Depreciation of building for the year, $6,400.
Depreciation of equipment for the year, $2,800.
Accrued salaries and wages at July 31, $900.
Unexpired insurance at July 31, $1,500.
Fees earned but unbilled on July 31, $10,200.
Supplies on hand at July 31, $615.
Rent unearned at July 31, $300.
Instructions -
1. Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable, Rent Revenue, Insurance Expense, Depreciation Expense-Building, Depreciation Expense-Equipment, and Supplies Expense.
2. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance.
|
Discussing the areas of difficulty you encountered
: Discuss two areas of difficulty you encountered or two new nursing interventions you learned this week at your clinical site as a Case Manager.
|
|
Explain measurable goals and strategies for target group
: Evaluation of barriers, constraints that might affect plan implementation and how they might be overcome.Explain Measurable goal and strategies for target group
|
|
Annual investments and? compounding
: Shaylea, age? 22, just started working? full-time and plans to deposit ?$4,900 annually into an IRA earning 10 percent interest compounded annually
|
|
What is the cash flow of the project
: The annual cash flows are $99,944. What is the cash flow of the project in Year 6? That is solve for CF6. Assume that the tax rate is 15%.
|
|
Question - Adjusting Entries and Adjusted Trial Balances
: Question - Adjusting Entries and Adjusted Trial Balances. Determine the balances of the accounts affected by the adjusting entries
|
|
Discuss the legal and ethical behavior in marketing
: Discuss the business benefits of conducting ethical marketing activities and illustrate.Discuss the Legal and Ethical Behavior in Marketing
|
|
Differences between the legal forms of business
: Identify then describe the differences between the legal forms of business. Identify and explain the two major acts passed shortly after the Great Depression.
|
|
Calculate the total 2017 tax liability for surviving spouse
: Calculate the total 2017 tax liability for a surviving spouse with one dependent child with a gross income of $49660, no salary reductions for employer provided
|
|
Compute book value per share
: Phelps Labs has assets of $452,000, current liabilities of $93,000, and long-term liabilities of $137,000. There is $33,800 in preferred stock outstanding
|