Question - Adjusting Entries and Adjusted Trial Balances

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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.

Reference no: EM132439160

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