Adjusting Entries and Adjusted Trial Balances

Rowland Company is a small editorial services company owned and operated by Fran Briggs. On August 31, 2018, the end of the current year, Rowland Company's accounting clerk prepared the following unadjusted trial balance:

Rowland Company
Unadjusted Trial Balance
August 31, 2018
	Debit Balances		Credit Balances
Cash	4,180
Accounts Receivable	37,930
Prepaid Insurance	7,070
Supplies	1,930
Land	111,540
Building	201,240
Accumulated DepreciationBuilding			136,290
Equipment	134,040
Accumulated DepreciationEquipment			97,080
Accounts Payable			11,890
Unearned Rent			6,750
Common Stock			80,000
Retained Earnings			138,600
Dividends	14,790
Fees Earned			321,450
Salaries and Wages Expense	191,580
Utilities Expense	42,110
Advertising Expense	22,500
Repairs Expense	17,040
Miscellaneous Expense	6,110
	792,060		792,060

The data needed to determine year-end adjustments are as follows:

Required:

Unexpired insurance at August 31, $4,740.

Supplies on hand at August 31, $580.

Depreciation of building for the year, $3,130.

Depreciation of equipment for the year, $2,720.

Rent unearned at August 31, $1,760.

Accrued salaries and wages at August 31, $3,070.

Fees earned but unbilled on August 31, $18,000.

1. Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable; Rent Revenue; Insurance Expense; Depreciation ExpenseBuilding; Depreciation ExpenseEquipment; and Supplies Expense.

a.
b.
c.
d.
e.
f.
g.

2. Determine the balances of the accounts affected by the adjusting entries, and prepare an adjusted trial balance. If an amount box does not require an entry, leave it blank.

Rowland Company
Adjusted Trial Balance
August 31, 2018
	Debit Balances	Credit Balances
Totals

CSeoure htt:/2.cengsqenow Chapter 03 Homework (Application) Adjusting Entries and Adjusted Tial Balances Re lard Company a ;mall tarial ser comnar r owned and anerated by Fran Fia an A oust 31 7018, tha d at the rum nt Year, Row and Ctmpany' accourtin drk racared th tnio ng na stat trial balanta 7 FX Rowland Company Unadjusted Trial Balance August 31, 2013 3 EX 0303 BLANKSHEETAL . 37,930 Prepaid Insuronc 7,070 8. EX.03 19 ALGO 9. EX.03-21 ALGO 10. CX03 26ILANKSIICLT.A 11 FX03-77 RI ANKSHFFTA-. Land 111,540 Building 135,290 97,080 Accounts Fayable 12. PR.03-01.BLANKSHEETA. Uneamed Rert 6,730 13. PR.03 02.DLANKSI ILLTA. Rctained Earning 133,000 PFR 03-03 A 1 PR-0A Fees Eamed Salaries and vap Expans ULkies Lxpense Adverizing Expenzc 01.580 42.110 17.04 Miscelaneous Expense 92,UOU Check Ny Wk Progress: 15M5 terms .ssignment Score: 61.32% Email Irstructor Save and Exit Submit Assignment for Grading O lype hene to search ti ^ 0 ING 10:44 PM