Adjusting journal entry, and posting to T accounts with an Unadjusting Tril Balance

YOU MUST STAPLE YOUR PAGES TOGETHER! Jones Contractors, Inc. December 31, 2018 Unadjusted Trial balance 145,000 23,000 6,500 24,000 110,000 15,000 75,000 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 50,000 8,000 16,900 3,000 45,000 46,000 67,600 5,000 490,000 10,000 45,000 5,000 54,000 12,000 145,000 13,000 4,000 35,000 726,500 726,500 Part 1: Prepare adjusting journal entries using the unadjusted trial balance on the previous page and the information provided below. Use only the account names provided on the previous page (do not create any new account names) 1. The prepaid insurance balance reflects a 12-month insurance policy which started on Sept. 1. 2018, and no adjustments were made from Sept. 1-Dec. 31, 2018. Write the adjusting journal entry for Dec. 31, 2018. 2. Additional depreciation expense of $10,000 needs to be recorded for the year ended 2018 3. Additional wages due to employees of $4,000 ($4,000 more than the recorded $3,000 balance) needs to be recorded at year end. These wages will be paid to employees on January 9, 2019. (next month) 4. The company has completed $9.900 of the $16,900 in unearned revenue as of Dec. 315. 5. In Dec. the company provided services worth $3,000 to clients that were not yet billed or recorded by Dec. 31. Record the additional revenue. 6. On Dec 31" the company completed a physical count of their supplies and determined that only $4,000 of supplies are still on hand. Page 2 of 7 Part 2: Post the adjusting journal entries to t-accounts: (Hints on getting started: Above each T u t write the count name of each account affected by an adjusting journal entry (you may not need to use all of the Taccounts) Write in the unadjusted balance for each of these accounts (from page 1) the unadiusted balance might be a debit, a credit or zero balance. Now you are ready to post your adiusting journal entries from page 2 onto the corresponding T-accounts and then calculate adjusted balances.) TTT TTT Page 3 of 7