Emerson Company is a small editorial services company owned and operated by Suzanne Emerson. On October 31, 20Y6, Emerson Company's accounting clerk prepared the Unadjusted Trial balance shown on the next page

The data needed to determine year-end adjustments are as follows:
• Unexpired insurance at October 31, $550.
• Supplies on hand at October 31, $610.
• Depreciation of building for the year, $10,920.
• Depreciation of equipment for the year, $7,830.
• Unearned rent at October 31, $2,050.
• Accrued salaries and wages at October 31, $2,550.
• Fees earned but unbilled on October 31, $9,140.

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.

Transcribed Image Text:

Emerson Company Unadjusted Trial Balance October 31, 20Y6 Debit Balances Credit Balances Cash... 6,820 Accounts Receivable. 34,940 Prepaid Insurance... Supplies... 6,550 1,800 Land.... 102,400 Building.... Accumulated Depreciation-Building.. Equipment.... Accumulated Depreciation-Equipment. Accounts Payable... 273,200 79,660 123,110 89,130 11,060 Unearned Rent..... 6,140 Suzanne Emerson, Capital. 338,000 Suzanne Emerson, Drawing.. 14,000 Fees Earned.... 295,320 Salariės and Wages Expense. 175,950 Utilities Expense.. Advertising Expense. Repairs Expensc... Miscellaneous Expense.. 38,560 20,750 15,700 5,530 819,310 819,310