Recreating adjusting journal entries from trial balance (Learning Objective 2) 15–20 min.

Assume the unadjusted and adjusted trial balances for Fox Theater, Inc., at November 30, 2014, show the following data:

Requirement 1. Journalize the adjusting entries that account for the differences between the two trial balances.AppendixLO1

Transcribed Image Text:

Fox Theater, Inc. Trial Balance November 30, 2014 UNADJUSTED ADJUSTED TRIAL BALANCE TRIAL BALANCE ACCOUNT DR. CR. DR. CR. Cash $ 7,200 $ 7,200 Accounts Receivable 4,700 4,700 Supplies 1,950 825 Prepaid Rent 3,800 2,800 Equipment 26,800 26,800 Accumulated Depreciation, Equipment $ 5,100 $ 6,750 Accounts Payable 2,300 2,300 Salaries Payable 1,175 Interest Payable 145 Unearned Service Revenue 2,900 1,300 Notes Payable 7,000 7,000 Common Stock 10,000 10,000 Retained Earnings 7,055 7,055 Dividends 8,500 8,500 Service Revenue 46,150 47,750 Salaries Expense 22,600 23,775 Rent Expense 2,200 3,200 Depreciation Expense, Equipment 2,480 4,130 Interest Expense 275 420 Supplies Expense 1,125 Total $80,505 $80,505 $83,475 $83,475