I finished the other parts of the spreadsheets needed, but I need help with the Adjusted Trial Balance on the bottom.
Pitman Company is a small editorial services company owned and operated by Jan Pitman. On October 31, 2019 the end of the current year, Pitman Companys accounting clerk prepared the following unadjusted trial balance:
Pitman Company UNADJUSTED TRIAL BALANCE October 31, 2019 ACCOUNT TITLE DEBIT CREDIT Cash 7,420.00 Accounts Receivable 38,360.00 Prepaid Insurance 7,320.00 Supplies 2,390.00 5 Land 117,000.00 154,900.00 Building Accumulated Depreciation-Building 85,745.00 Equipment 130,900.00 Accumulated Depreciation-Equipment 10 Accounts Payable 97,550.00 11,735.00 7,130.00 227,645.00 11 Unearned Rent 12 Jan Pitman, Capital 14,705.00 13 Jan Pitman, Drawing 14 Fees Eamed 325,550.00 15 Salaries and Wages Expense 193,870.00 16 Utilities Expense 42,220.00 17 Advertising Expense Repairs Expense 22,740.00 17,455.00 19 Miscellaneous Expense 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, S5,850. b. Supplies on hand at October 31, $310. c. Depreciation of building for the year, S7,750. d. Depreciation of equipment for the year, $4.220. e. Unearned rent at October 31, S1,495. f. Accrued salaries and wages at October 31, $3,040 g. 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 exact wording of account titles. 2. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance. Chart of Accounts CHART OF ACCOUNTS Pitman Company General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Prepaid Insurance REVENUE 41 Fees Earned 42 Rent Revenue 14 Supplies 15 Land 16 Building 17 Accumulated Depreciation-Building 18 Equipment 19 Accumulated Depreciation-Equipment EXPENSES 51 Salaries and Wages Expense 52 Utilities Expense 53 Advertising Expense 54 Repairs Expense 55 Depreciation Expense-Building 56 Depreciation Expense-Equipment 57 Insurance Expense 58 Supplies Expense 59 Miscellaneous Expense LIABILITIES 21 Accounts Payable 22 Unearned Rent 23 Salaries and Wages Payable EQUITY 31 Jan Pitman, Capital 32 Jan Pitman, Drawing 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 exact wording of account titles PAGE 10 ACCOUNTING EQUATION JOURNAL POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY DESCRIPTION Adjusting Entries Oct 31 1,470.00 Insurance Expense Prepaid Insurance Supplies Expense 1,470.00 2,080.00 Supplies 2,080.00 Depreciation Expense-Building 7,750.00 Accumulated Depreciation-Building 7,750.00 Depreciation Expense-Equipment 4,220.00 Accumulated Depreciation-Equipment 4,220.00 Unearned Rent 5,635.00 Rent Revenue 5,635.00 3,040.00 Salaries and Wages Expense Salaries and Wages Payable 3,040.00 Accounts Receivable 11,185.00 Fees Eamed 11,185.00 Adjusted Trial Balance 2. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance. Pitman Company ADJUSTED TRIAL BALANCE October 31, 2019 ACCOUNT TITLE DEBIT CREDIT Cash Accounts Receivable Prepaid Insurance Supplies Land Building Accumulated Depreciation-Building Equipment Accumulated Depreciation Equipment 10 Accounts Payable Unearned Rent 12 Salaries and Wages Payable 13 Jan Pitman, Capital 14 Jan Pitman, Drawing 15 Fees Eamed 16 Rent Revenue 17 Salaries and Wages Expense 18 Utilities Expense Advertising Expense 20 Repairs Expense 21 Depreciation Expense-Building Depreciation Expense-Equipment 23 Insurance Expense 24 Supplies Expense 25 Miscellaneous Expense 26 Totals
