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Financial Accounting 2028700: Homework Assignment #2 Adjusting and Closing Entries 2016-10-31 (Due Date) College of International Exchange () Shenzhen University () Financial Accounting HW#2 (1st Semester 2016-17) 1 Homework #2 Prepare adjusting journal entries and an adjusted trial balance Problems: (P3-44A) The trial balance of Advantage Advertising, Inc., at November 30, 2014 and the data needed for month-end adjustment follow: Advantage Advertising, Inc. Trial Balance 30-Nov-14 Account Cash Accounts Receivable Prepaid Insurance Supplies Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Insurance Expense Depreciation Expense, Equipment Utilities Expense Supplies Expense Total Debit Credit $6,420 $8,650 $2,800 $1,150 $48,000 $11,200 $1,920 $3,100 $30,000 $9,960 $1,500 $18,710 $6,370 $74,890 Financial Accounting HW#2 (1st Semester 2016-17) $74,890 2 Prepare adjusting journal entries and an adjusted trial Problems: (P3-44A) (cont'd) a) Insurance coverage still remaining at November 30, $300. b) Supplies used during the month, $845. c) Depreciation for the month, $2,700 d) Accrued utilities expense at November 30, $630 (use Accounts Payable as the liability account needed) e) Accrued salaries at November 30, $1,495. f) Service revenue still unearned at November 30, $1,165. Requirements 1) Open T-account for the accounts listed in the trial balance and insert their November 30 unadjusted balances. 2) Journalize the adjusting entries and post them to the T-account. Reference the posted amounts by letters (a) through (f), calculate the adjusted balance its each account. Financial Accounting HW#2 (1st Semester 2016-17) 3