The unadjusted trial balance of Silber Insurance Agency at August 31, 2023, appears below:

Adjustment data for month-end adjustments:

a. Commission revenue received in advance that had not been earned at August 31, $40,500.

b. Rent still prepaid at August 31, $2,300.

c. Supplies used during the month, $2,040.

d. Amortization on furniture for the month, $2,220.

e. Amortization on building for the month, $2,780.

f. Accrue salaries expense at August 31 in the amount of $2,760.

Required

1. Open ledger accounts for the accounts listed in the trial balance, and insert their August 31 unadjusted balances. Also open the Income Summary account (account #340). Date the balances of the following accounts as of August 1: Prepaid Rent, Supplies, Furniture, Accumulated Amortization—Furniture, Building, Accumulated Amortization—Building, Unearned Commission Revenue, and C. Silber, Capital.

2. Write the trial balance on a worksheet and complete the worksheet of Silber Insurance Agency for the month ended August 31, 2023.

3. Using the worksheet data, journalize and post the adjusting and closing entries, including explanations. Use dates and posting references. Use Page 7 as the number of the journal page.

Transcribed Image Text:

SILBER INSURANCE AGENCY Unadjusted Trial Balance August 31, 2023 110 Cash 120 Accounts receivable 130 Prepaid rent 140 Supplies 150 Furniture 151 Accumulated amortization-furniture 170 Building 171 Accumulated amortization-building 180 Land 210 Accounts payable 220 Salaries payable 230 Unearned commission revenue 300 C. Silber, capital 330 C. Silber, withdrawals 400 Commission revenue 510 Salaries expense 520 Rent expense 530 Utilities expense 540 Amortization expense-furniture 550 Amortization expense-building 560 Advertising expense 570 Supplies expense Total $142,800 83,360 7,740 5,400 92,100 449,400 80,000 28,800 6,600 0 2,460 0 0 3,900 0 $902,560 $ 76,800 161,600 25,440 0 53,400 421,520 163,800 $902,560