Bus 211 Financial Accounting Chapter 03 Excel Homework Problem Due Date: September 13, 2020 by 11:59 pm Lynbrook Security, Inc. provided security services to companies in the central Ohio area. Your accounting department recently provided you with an adjusted trial balance as of December 31 2020. December 31 is the company's fiscal year-end. Lynbrook Security, Inc Unadjusted Trial Balance December 31, 2020 Account Title Cash 15.000 Accounts receivable Supplies 12.700 Prepaid rent Unexpired insurance 5.400 Inventory 14.000 Office equipment 0 0 Accumulated depreciation-office equipment 12000 Accounts payable 23.250 Unearned security revenue 17.000 Wages payable 22.000 Income tax payable 8.000 Note payable, due 2045 75.000 Common stock 150,000 Retained earnings, 12/31/19 Security service revenue MO Salary expense 99.600 Wages expense Depreciation expense Rent expense 8.000 Supplies expense 3700 Utility expense DO Income tax expense Totals 1.090.230 1.090.230 Information necessary to prepare the year-end adjusting entries are below 1. All security services are required to be paid in advance, and all cash collected for them is credited to Uneamed security revenue Analysis of the balance in the Uneamed security revenue account indicates that $12.000 has been cared as of year-end 2. Supplies on hand at year-end cost 55.000 3. Prepaid rent at year-end should be $2.000 4 Depreciation on the company's office equipment for the current year is 7.500 5. A total of $26.000 of Wages is owed but unpaidat December 31 6. The company borrowed $75,000 on August 1, 2020. The principals due to be repaid on September 1, 2045. Interest is payable once a year on August 1 at an annual rate of 10 Information necessary to prepare the year-end adjusting entries are below. 1. All security services are required to be paid in advance, and all cash collected for them is credited to Unearned security revenue. An analysis of the balance in the Unearned security revenue account indicates that $12,000 has been earned as of year-end. 2. Supplies on hand at year-end cost $5,000. 3. Prepaid rent at year-end should be $2,000. 4. Depreciation on the company's office equipment for the current year is 7,500. 5. A total of $26,000 of Wages is owed but unpaid at December 31 6. The company borrowed $75,000 on August 1, 2020. The principal is due to be repaid on September 1, 2045, Interest is payable once a year on August 1 at an annual rate of 10% 7. On December 1, 2020 Lynbrook paid Cassel Insurance $5,400 for its liability insurance for the next 12 months. The full amount was debited to unexpired insurance 8. The total income taxes expense for the year ending December 31, 2020 is 32,400 Required: 1. As the controller of Lynbrook, prepare the necessary December 31, 2020, adjusting journal entries, with explanations. You do not have to show the impact on the balance sheet equation (use page 152 of your text as a guide). 2. Post the effects of the adjustments to the proper accounts, determine the account balances, and prepare an Adjusted Trial Balance as of December 31, 2020
