=+PR 3-3A Adjusting entries obj. 2 Chapter 3 The Adjusting Process 135 Billy Board Company specializes in

Question:

=+PR 3-3A Adjusting entries obj. 2 Chapter 3 The Adjusting Process 135 Billy Board Company specializes in the maintenance and repair of signs, such as billboards. On March 31, 2010, the accountant for Billy Board Company prepared the following trial balances:

Billy Board Company Trial Balance March 31, 2010 Unadjusted Adjusted Debit Credit Debit Credit Balances Balances Balances Balances Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,750 4,750 Accounts Receivable . . . . . . . . . . . . . . . . . . . . 17,400 17,400 Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,200 1,850 Prepaid Insurance . . . . . . . . . . . . . . . . . . . . . . 9,000 3,600 Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000 50,000 Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,000 120,000 Accumulated Depreciation—Buildings . . . . . . . . 51,500 58,100 Trucks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,000 75,000 Accumulated Depreciation—Trucks . . . . . . . . . . 12,000 14,300 Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . 6,920 7,520 Salaries Payable . . . . . . . . . . . . . . . . . . . . . . . . — 1,180 Unearned Service Fees . . . . . . . . . . . . . . . . . . 10,500 5,100 William Elkins, Capital . . . . . . . . . . . . . . . . . . . 156,400 156,400 William Elkins, Drawing . . . . . . . . . . . . . . . . . . 7,500 7,500 Service Fees Earned . . . . . . . . . . . . . . . . . . . . 162,680 168,080 Salary Expense . . . . . . . . . . . . . . . . . . . . . . . . 80,000 81,180 Depreciation Expense—Trucks . . . . . . . . . . . . . — 2,300 Rent Expense . . . . . . . . . . . . . . . . . . . . . . . . . 11,900 11,900 Supplies Expense . . . . . . . . . . . . . . . . . . . . . . — 4,350 Utilities Expense . . . . . . . . . . . . . . . . . . . . . . . 6,200 6,800 Depreciation Expense—Buildings . . . . . . . . . . . — 6,600 Taxes Expense . . . . . . . . . . . . . . . . . . . . . . . . 2,900 2,900 Insurance Expense . . . . . . . . . . . . . . . . . . . . . — 5,400 Miscellaneous Expense . . . . . . . . . . . . . . . . . . 9,150 9,150 _______ _______ _______ _______ 400,000 400,000 410,680 410,680 _______ _______ _______ _______ _______ _______ _______ _______ Instructions

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Accounting

ISBN: 978-1111001346

23rd Edition

Authors: Carl S. Warren

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