Question
Good Note Company specializes in the repair of music equipment and is owned and operated by Robin Stahl. On June 30, 20Y6, the end of
Good Note Company specializes in the repair of music equipment and is owned and operated by Robin Stahl. On June 30, 20Y6, the end of the current year, the accountant for Good Note prepared the following trial balances:
Good Note Company
Trial Balances
June 30, 20Y6
1
Unadjusted Debit Balances
Unadjusted Credit Balances
Adjusted Debit Balances
Adjusted Credit Balances
2
Cash
38,620.00
38,620.00
3
Accounts Receivable
90,440.00
90,440.00
4
Supplies
11,120.00
2,360.00
5
Prepaid Insurance
13,280.00
1,970.00
6
Equipment
290,340.00
290,340.00
7
Accumulated DepreciationEquipment
95,240.00
106,415.00
8
Automobiles
128,920.00
128,920.00
9
Accumulated DepreciationAutomobiles
54,175.00
61,805.00
10
Accounts Payable
24,365.00
25,665.00
11
Salaries Payable
7,890.00
12
Unearned Service Fees
17,910.00
9,790.00
13
Common Stock
93,000.00
93,000.00
14
Retained Earnings
241,285.00
241,285.00
15
Dividends
75,275.00
75,275.00
16
Service Fees Earned
725,600.00
733,720.00
17
Salary Expense
519,300.00
527,190.00
18
Rent Expense
53,525.00
53,525.00
19
Supplies Expense
8,760.00
20
Depreciation ExpenseEquipment
11,175.00
21
Depreciation ExpenseAutomobiles
7,630.00
22
Utilities Expense
13,845.00
15,145.00
23
Taxes Expense
7,970.00
7,970.00
24
Insurance Expense
11,310.00
25
Miscellaneous Expense
8,940.00
8,940.00
26
$1,251,575.00
$1,251,575.00
$1,279,570.00
$1,279,570.00
Compare the unadjusted trial balance to the adjusted trial balance. Journalize the seven entries that adjusted the accounts at June 30. None of the accounts were affected by more than one adjusting entry. Refer to the Chart of Accounts for exact wording of account titles.
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