Chart of Accounts CHART OF ACCOUNTS Emerson Company General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 42 Rent Revenue EXPENSES 13 Prepaid Insurance 14 Supplies 15 Land 18 Building 17 Accumulated Depreciation-Building 18 Equipment 19 Accumulated Depreciation-Equipment 51 Salaries and Wages Expense 52 Utilities Expense 53 Advertising Expense 54 Repairs Expense 55 Depreciation Expense-Building 58 Depreciation Expense-Equipment 57 Insurance Expense LIABILITIES 21 Accounts Payable 22 Unearned Rent 23 Salaries and Wages Payable 58 Supplies Expense 59 Miscellaneous Expense 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, 2046 ACCOUNT TITLE CREDIT DEBIT 7,420.00 1 Cash 2 Accounts Receivable 38,360.00 3 Prepaid Insurance 7.320.00 4 Supplies 2.390.00 5 Land 117,000.00 154,900.00 6 Building 7 Accumulated Depreciation-Building 85,745.00 130,900.00 & Equipment 9 Accumulated Depreciation-Equipment 10 Accounts Payable 97,550.00 11,735.00 11 Unearned Rent 7,130.00 227,645.00 12 Suzanne Emerson, Capital 13 Suzanne Emerson, Drawing 14,705.00 14 Fees Earned 325,550.00 193,870.00 42,220.00 15 Salaries and Wages Expense 16 Utilities Expense 17 Advertising Expense 18 Repairs Expense 19 Miscellaneous Expense 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, $5,850. b. Supplies on hand at October 31. $310. c. Depreciation of building for the year, 57.750. d. Depreciation of equipment for the year, $4,220. e. Unearned rent at October 31, $1,495. f. Accrued salaries and wages at October 31, $3.040. 9. 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. CNOWjoumais do not use lines for joumal explanations. Every line on a joumal 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 2. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance. Emerson Company ADJUSTED TRIAL BALANCE October 31, 2046 ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Accounts Receivable 3 Prepaid Insurance 4 Supplies 5 Land 6 Building 7 Accumulated Depreciation-Building & Equipment 9 Accumulated Depreciation Equipment 10 Accounts Payable 11 Unearned Rent 12 Salaries and Wages Payable 15 Suzanne Emerson, Capital 14 Suzanne Emerson, Drawing 15 Fees Earned 15 Rent Revenue 17 Salaries and Wages Expense 18 Utilities Expense 19 Advertising Expense 20 Repairs Expense 21 Depreciation Expense-Building 22 Depreciation Expense-Equipment 23 Insurance Expense 24 Supplies Expense 25 Miscellaneous Expense 26 Totals Journal 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 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. PAGE 10 JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT ACCOUNTING FOLLATION ASSETS LIABILITIES EQUITY 1 Adjusting Entries 2 3 4 5 6 7 8 9 10 11 12 13 14 15
