Adjusted Trial Balance Shaded cells have feedback. X . 2. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance How does grading work? Emerson Company Score: 93/103 ADJUSTED TRIAL BALANCE October 31, 2046 ACCOUNT TITLE DEBIT CREDIT 1 Cash 7,420.00 2 Accounts Receivable 49,545.00 5,850.00 3 Prepaid Insurance + Supplies 310.00 5 Land 117,000.00 154,900.00 6 Building 7 Accumulated Depreciation-Building 97,902.00 130,900.00 & Equipment 9 Accumulated Depreciation-Equipment 86,391.00 11,735.00 1,495.00 10 Accounts Payable 11 Unearned Rent 12 Salaries and Wages Payable 1: Suzanne Emerson, Capital 14 Suzanne Emerson, Drawing 3,040,00 227,645.00 14.705.00 15 Fees Earned 336,735.00 16 Rent Revenue 5,635.00 17 Salaries and Wages Expense 196,910.00 18 Utilities Expense 42,220.00 19 Advertising Expense 22,740.00 17,455.00 352.00 646.00 20 Repairs Expense 21 Depreciation Expense-Building 22 Depreciation Expense-Equipment 23 Insurance Expense 24 Supplies Expense 25 Miscellaneous Expense 1,470.00 2,080.00 6,075.00 26 Totals 770,578.00 770,578.00 Points: : 24.38/27 Journal Shaded cells have feedback. X 1. Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable, Rent Revenue, Insurance Expense, Depreciation ExpenseBuilding, Depreciation Expense-Equipment and Supplies Expense. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. How does grading work? PAGE 10 JOURNAL Score: 156/176 ACCOUNTING EQUATION DATE POST. REF DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 1,470.00 3 1,470.00 4 2,080.00 5 2,080.00 1 6 DESCRIPTION Adjusting Entries Oct. 31 Insurance Expense Prepaid Insurance Oct. 31 Supplies Expense Supplies Oct. 31 Depreciation Expense-Equipment Supplies Expense Oct. 31 Depreciation Expense-Building Accumulated Depreciation Equipment Oct. 31 Salaries and Wages Expense Salaries and Wages Payable Oct. 31' Accounts Receivable 352.00 1 7 352.00 1 8 646.00 1 9 646.00 10 3,040.00 11 3,040.00 * 12 11,185.00 1 1 15 Fees Earned 11,185.00 1 14 Oct. 31 Unearned Rent 5,635.00 15 Rent Revenue 5,635.00 1 Points: 31.02/35 Feedback Check My Work Before you begin, identify which adjusting entry goes with which additional account. As you go through each of these, consider the other sides of the adjusting entry transaction and identify related accounts. Keep in mind that you will be making an adjusting entry for each of these that affects at least one income statement account (revenues or expenses) and one balance sheet account (assets or liabilities). In the case of the insurance transaction, you will have to calculate the amount of insurance expired. In the case of supplies, you will need to calculate the amount of supplies used (expense). In the case of rent, you will need to calculate the amount of rent earned (revenue). Chart of Accounts CHART OF ACCOUNTS Emerson Company General Ledger ASSETS 11 Cash REVENUE 41 Fees Earned 42 Rent Revenue 12 Accounts Receivable 13 Prepaid Insurance 14 Supplies 15 Land 16 Building 17 Accumulated Depreciation-Building 18 Equipment 19 Accumulated Depreciation-Equipment EXPENSES 51 Salaries and Wages Expense 52 Utilities Expense 53 Advertising Expense 54 Repairs Expense 55 Depreciation Expense-Building 56 Depreciation Expense-Equipment 57 Insurance Expense 58 Supplies Expense 59 Miscellaneous Expense LIABILITIES Accounts Payable 22 Unearned Rent 23 Salaries and Wages Payable EQUITY 31 Suzanne Emerson, Capital 32 Suzanne Emerson, Drawing Instructions Emerson Company is a small editorial services company owned and operated by Suzanne Emerson. On October 31, 2016, Emerson Company's accounting clerk prepared the following unadjusted trial balance: Emerson Company UNADJUSTED TRIAL BALANCE October 31, 2016 ACCOUNT TITLE CREDIT 1 Cash DEBIT 7,420.00 38,360.00 2 Accounts Receivable 3 Prepaid Insurance 7,320.00 4 Supplies 2,390.00 s Land 117,000.00 154,900.00 85,745.00 6 Building 7 Accumulated Depreciation Building & Equipment 9 Accumulated Depreciation Equipment 130,900.00 10 Accounts Payable 97,550.00 11,735.00 7,130.00 11 Unearned Rent 12 Suzanne Emerson, Capital 227,645.00 14,705.00 13 Suzanne Emerson, Drawing 14 Fees Eamed 325,550.00 195,870.00 15 Salaries and Wages Expense 16 Utilities Expense 17 Advertising Expense 18 Repairs Expense 19 Miscellaneous Expense 42,220.00 22,740.00 17,455.00 6,075.00 755,355.00 20 Totals 755,355.00 The data needed to determine year-end adjustments are as follows: a. Unexpired insurance at October 31, 55,850 . b. Supplies on hand at October 31, 8310 c. Depreciation of building for the year. $7.750. d. Depreciation of equipment for the year. 54.220. e. Unearned rent at October 31, $1,495. f. Accrued salaries and wages at October 31. $3.040. g. Fees earned but unbilled on October 31. $11,185. Required: 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. Refer to the chart of accounts for the exact wording of the account titles. CNOW joumals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered 2. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance Adjusted Trial Balance Shaded cells have feedback. X . 2. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance How does grading work? Emerson Company Score: 93/103 ADJUSTED TRIAL BALANCE October 31, 2046 ACCOUNT TITLE DEBIT CREDIT 1 Cash 7,420.00 2 Accounts Receivable 49,545.00 5,850.00 3 Prepaid Insurance + Supplies 310.00 5 Land 117,000.00 154,900.00 6 Building 7 Accumulated Depreciation-Building 97,902.00 130,900.00 & Equipment 9 Accumulated Depreciation-Equipment 86,391.00 11,735.00 1,495.00 10 Accounts Payable 11 Unearned Rent 12 Salaries and Wages Payable 1: Suzanne Emerson, Capital 14 Suzanne Emerson, Drawing 3,040,00 227,645.00 14.705.00 15 Fees Earned 336,735.00 16 Rent Revenue 5,635.00 17 Salaries and Wages Expense 196,910.00 18 Utilities Expense 42,220.00 19 Advertising Expense 22,740.00 17,455.00 352.00 646.00 20 Repairs Expense 21 Depreciation Expense-Building 22 Depreciation Expense-Equipment 23 Insurance Expense 24 Supplies Expense 25 Miscellaneous Expense 1,470.00 2,080.00 6,075.00 26 Totals 770,578.00 770,578.00 Points: : 24.38/27 Journal Shaded cells have feedback. X 1. Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable, Rent Revenue, Insurance Expense, Depreciation ExpenseBuilding, Depreciation Expense-Equipment and Supplies Expense. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. How does grading work? PAGE 10 JOURNAL Score: 156/176 ACCOUNTING EQUATION DATE POST. REF DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 1,470.00 3 1,470.00 4 2,080.00 5 2,080.00 1 6 DESCRIPTION Adjusting Entries Oct. 31 Insurance Expense Prepaid Insurance Oct. 31 Supplies Expense Supplies Oct. 31 Depreciation Expense-Equipment Supplies Expense Oct. 31 Depreciation Expense-Building Accumulated Depreciation Equipment Oct. 31 Salaries and Wages Expense Salaries and Wages Payable Oct. 31' Accounts Receivable 352.00 1 7 352.00 1 8 646.00 1 9 646.00 10 3,040.00 11 3,040.00 * 12 11,185.00 1 1 15 Fees Earned 11,185.00 1 14 Oct. 31 Unearned Rent 5,635.00 15 Rent Revenue 5,635.00 1 Points: 31.02/35 Feedback Check My Work Before you begin, identify which adjusting entry goes with which additional account. As you go through each of these, consider the other sides of the adjusting entry transaction and identify related accounts. Keep in mind that you will be making an adjusting entry for each of these that affects at least one income statement account (revenues or expenses) and one balance sheet account (assets or liabilities). In the case of the insurance transaction, you will have to calculate the amount of insurance expired. In the case of supplies, you will need to calculate the amount of supplies used (expense). In the case of rent, you will need to calculate the amount of rent earned (revenue). Chart of Accounts CHART OF ACCOUNTS Emerson Company General Ledger ASSETS 11 Cash REVENUE 41 Fees Earned 42 Rent Revenue 12 Accounts Receivable 13 Prepaid Insurance 14 Supplies 15 Land 16 Building 17 Accumulated Depreciation-Building 18 Equipment 19 Accumulated Depreciation-Equipment EXPENSES 51 Salaries and Wages Expense 52 Utilities Expense 53 Advertising Expense 54 Repairs Expense 55 Depreciation Expense-Building 56 Depreciation Expense-Equipment 57 Insurance Expense 58 Supplies Expense 59 Miscellaneous Expense LIABILITIES Accounts Payable 22 Unearned Rent 23 Salaries and Wages Payable EQUITY 31 Suzanne Emerson, Capital 32 Suzanne Emerson, Drawing Instructions Emerson Company is a small editorial services company owned and operated by Suzanne Emerson. On October 31, 2016, Emerson Company's accounting clerk prepared the following unadjusted trial balance: Emerson Company UNADJUSTED TRIAL BALANCE October 31, 2016 ACCOUNT TITLE CREDIT 1 Cash DEBIT 7,420.00 38,360.00 2 Accounts Receivable 3 Prepaid Insurance 7,320.00 4 Supplies 2,390.00 s Land 117,000.00 154,900.00 85,745.00 6 Building 7 Accumulated Depreciation Building & Equipment 9 Accumulated Depreciation Equipment 130,900.00 10 Accounts Payable 97,550.00 11,735.00 7,130.00 11 Unearned Rent 12 Suzanne Emerson, Capital 227,645.00 14,705.00 13 Suzanne Emerson, Drawing 14 Fees Eamed 325,550.00 195,870.00 15 Salaries and Wages Expense 16 Utilities Expense 17 Advertising Expense 18 Repairs Expense 19 Miscellaneous Expense 42,220.00 22,740.00 17,455.00 6,075.00 755,355.00 20 Totals 755,355.00 The data needed to determine year-end adjustments are as follows: a. Unexpired insurance at October 31, 55,850 . b. Supplies on hand at October 31, 8310 c. Depreciation of building for the year. $7.750. d. Depreciation of equipment for the year. 54.220. e. Unearned rent at October 31, $1,495. f. Accrued salaries and wages at October 31. $3.040. g. Fees earned but unbilled on October 31. $11,185. Required: 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. Refer to the chart of accounts for the exact wording of the account titles. CNOW joumals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered 2. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance