The unadjusted trial balance for United Moving and Storage follows: section*{Required} 1. Set up accounts for the
Question:
The unadjusted trial balance for United Moving and Storage follows:
\section*{Required}
1. Set up accounts for the items in the trial balance plus these additional accounts: Salaries and Wages Payable; Insurance Expense; Office Supplies Expense; Depreciation Expense, Office Equipment; Depreciation Expense, Trucks; and Depreciation Expense, Building. Enter the trial balance amounts in the accounts.
2. Use the information that follows to prepare and post adjusting entries:
a. Insurance premiums of \(\$ 4,225\) expired during the year.
b. An inventory shows \(\$ 165\) of unused office supplies on hand.
c. Estimated depreciation on the office equipment, \(\$ 775 ;(d)\) on the trucks, \(\$ 8,000\); and
(e) on the building, \(\$ 9,300\).
\(f\). Of the \(\$ 2,595\) balance in the Unearned Storage Fees account, \(\$ 1,985\) was earned by the year-end.
g. Accrued storage fees earned but unrecorded at year-end totaled \(\$ 515\).
h. There were \(\$ 200\) of earned but unrecorded office salaries and \(\$ 1,135\) of earned but unrecorded drivers' and helpers' wages at the year-end.
3. Prepare an adjusted trial balance, an income statement for the year, a statement of changes in owner's equity, and a classified year-end balance sheet. Meade's \(\$ 81,170\) capital balance reflects the December 31, 1989, balance plus a January 15,1990 , investment of \(\$ 30,000\). A \(\$ 9,000\) installment on the long-term note payable is due within one year.
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