eBook October 31, 2016 DEBT CREDIT ACCOUNT TITLE 1 Cash 2 Accounts Receivable 3 Prepaid Insurance 7A20.00 38,360.00 7,320.00 2,890.00 117,000.00 154,900.00 4 Supplies 5 Land & Building 85,745.00 7 Accumulated Depreciation Building & Equipment 130,900.00 9 Accumulated Depreciation-Equipment 97,550.00 11,735.00 10 Accounts Payable 11 Uneamed Rent 7,130.00 227,645.00 12 Suzanne Emerson, Capital Suzanne Emerson, Drawing 14,705.00 14 Fees Eamed 325,550.00 15 Salaries and Wages Expense 193,870.00 14 Utilities Expense 42 220.00 2274000 17 Advertising Expense 18 Repairs Expense 17.455.00 19 Miscellaneous Expense 6,075.00 20 Totals 255 355.00 755.355.00 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. e. Depreciation of building for the year. $7.750. d. Depreciation of equipment for the year, $4,220. e. Uneamed 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. Joumalize 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 joumal explanations. Every line on a joumal page is used for debit or credit entries. GNOW joumals 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 CHART OF ACCOUNTS Emerson Company General Ledger REVENUE ASSETS 41 Fees Earned 11 Cash 12 Accounts Receivable 42 Rent Revenue 13 Prepaid Insurance EXPENSES 14 Supplies 51 Salaries and Wages Expense 15 Land 52 Utilities Expense 16 Building 17 Accumulated Depreciation-Building 53 Advertising Expense 18 Equipment 19 Accumulated Depreciation-Equipment 54 Repairs Expense 55 Depreciation Expense-Building 58 Depreciation Expense-Equipment LIABILITIES 57 Insurance Expense 21 Accounts Payable 58 Supplies Expense 22 Unearned Ren: 59 Miscellaneous Expense 28 Salaries and Wages Payable EQUITY 31 Suzanne Emerson Capital 32 Suzanne Emerson Drawing 1. Joumalize 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 accounts for the exact wording of the account titles. CNOW joumals 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. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Adjusting Entries 2 3 14 5 20 9 10 Emerson Company ADJUSTED TRIAL BALANCE October 31, 2016 DEBIT CREDIT ACCOUNT TITLE 1 Cash 2 Accounts Receivable 3 Prepaid Insurance & Supplies 5 Land 6 Building 7 Accumulated Depreciation-Building 8 Equipment 9 Accumulated Depreciation-Equipment 10 Accounts Payable 11 Unearned Rent Salaries and Wages Payable 13 Suzanne Emerson, Capital * Suzanne Emerson, Drawing 15 Fees Eamed 16 Rent Revenue 1 Salaries and Wages Expense 16 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