Question
Good Note Company specializes in the repair of music equipment and is owned and operated by Robin Stahl. On November 30, 2019, the end of
Good Note Company specializes in the repair of music equipment and is owned and operated by Robin Stahl. On November 30, 2019, the end of the current year, the accountant for Good Note prepared the following trial balances: Good Note Company Trial Balances November 30, 2019 1 Unadjusted Debit Balances Unadjusted Credit Balances Adjusted Debit Balances Adjusted Credit Balances 2 Cash 38,250.00 38,250.00 3 Accounts Receivable 89,500.00 89,500.00 4 Supplies 11,250.00 2,400.00 5 Prepaid Insurance 14,250.00 3,850.00 6 Equipment 290,450.00 290,450.00 7 Accumulated DepreciationEquipment 94,500.00 106,100.00 8 Automobiles 129,500.00 129,500.00 9 Accumulated DepreciationAutomobiles 54,750.00 62,050.00 10 Accounts Payable 24,930.00 26,130.00 11 Salaries Payable 8,100.00 12 Unearned Service Fees 18,000.00 9,000.00 13 Robin Stahl, Capital 324,020.00 324,020.00 14 Robin Stahl, Drawing 75,000.00 75,000.00 15 Service Fees Earned 733,800.00 742,800.00 16 Salary Expense 516,900.00 525,000.00 17 Rent Expense 54,000.00 54,000.00 18 Supplies Expense 8,850.00 19 Depreciation ExpenseEquipment 11,600.00 20 Depreciation ExpenseAutomobiles 7,300.00 21 Utilities Expense 12,900.00 14,100.00 22 Taxes Expense 8,175.00 8,175.00 23 Insurance Expense 10,400.00 24 Miscellaneous Expense 9,825.00 9,825.00 25 $1,250,000.00 $1,250,000.00 $1,278,200.00 $1,278,200.00
Required: Compare the unadjusted trial balance to the adjusted trial balance. Journalize the seven entries that adjusted the accounts at November 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.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started