Instructions: 5. Journalize the adjusting entries. (Round all amounts to Whole Dollars.) 6. Post the Adjusting Entries. (Hint: Calculate new balances where needed.) 7. Prepare an Adjusted Trial Balance as of June 30, 2023. 8. Journalize the Closing Entries. (Hint: Use your Adjusted Trial Balance for the accounts and balances.) Adjustment Data: A Services Performed by unbilled-- $3,900. B One month of insurance has expired. C Supplies on hand total $2,150. D Accrue salaries for $4,400. E Superior estimates that 2% of the Accounts Receivable will be uncollectible. F Depreciation on the Building is done with Straight-line. ( 30 years and $10,000 salvage value) G Depreciation on the Equipment is done with Straight-line. (5 years and $3,000 salvage value) H Unearned Service Revenue of $21,900 is Not earned yet. \begin{tabular}{|c|c|c|c|} \hline Date & Account & Dr & Cr \\ \hline \multicolumn{2}{|c|}{ cash } & \\ \hline & Purchases & $2,250 \\ \hline & Being Purchases has been made \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hline Date & Account & Dr & Cr \\ \hline & Accounts Payable & $27,800 & \\ \hline & \multicolumn{2}{|c|}{ cash } & \\ \hline & Being cash paid to sundry creditors \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|} \hline Date & Account & Dr & Cr \\ \hline \multicolumn{1}{|c|}{ cash } & $27,000 & \\ \hline & Outstanding Revenue & & $5,400 \\ \hline & Beingcashreceivedfortheservicesprovidedandtobeprovided \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hline Date & Account & Dr & Cr \\ \hline & cash & $8,300 & \\ \hline & Accounts Receivable & $104,200 & \\ \hline & Sales & & $112,500 \\ \hline & Being sales booked & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hline Date & Account & Dr & Cr \\ \hline & retained earnings & $10,680 & \\ \hline & Dividend Payable & & $10,680 \\ \hline & being dividend declared & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hline Date & Account & Dr & Cr \\ \hline & bad debts & $500 & \\ \hline & Accounts Receivable & & \\ \hline & Being cash received & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline Date & Account & Dr & Cr \\ \hline & Salaries & $39,200 & \\ \hline & Operating expenses & $5,725 & \\ \hline & cash & $44,925 \\ \hline & being cash paid for salaries and operating expenses \\ \hline \end{tabular} Trial Balance June 01, 2023 Title Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Supplies Land Building Debit 62,000 45,500 Credit 1,500 3,000 3,400 40,000 142,000 Accumulated Depreciation/Building 22,000 Equipment 38,000 Accumulated Depreciation/Equipment Accounts Payable Mortgage Payable Common Stock (\$10 Par) Paid-in-Capital in Excess of Par Retained Earnings Totals 3,000 units costing $1.00 each. 2917 30,750 65,500 80,000 5,000 126,233 333,900333,900 Instructions: 5. Journalize the adjusting entries. (Round all amounts to Whole Dollars.) 6. Post the Adjusting Entries. (Hint: Calculate new balances where needed.) 7. Prepare an Adjusted Trial Balance as of June 30, 2023. 8. Journalize the Closing Entries. (Hint: Use your Adjusted Trial Balance for the accounts and balances.) Adjustment Data: A Services Performed by unbilled-- $3,900. B One month of insurance has expired. C Supplies on hand total $2,150. D Accrue salaries for $4,400. E Superior estimates that 2% of the Accounts Receivable will be uncollectible. F Depreciation on the Building is done with Straight-line. ( 30 years and $10,000 salvage value) G Depreciation on the Equipment is done with Straight-line. (5 years and $3,000 salvage value) H Unearned Service Revenue of $21,900 is Not earned yet. \begin{tabular}{|c|c|c|c|} \hline Date & Account & Dr & Cr \\ \hline \multicolumn{2}{|c|}{ cash } & \\ \hline & Purchases & $2,250 \\ \hline & Being Purchases has been made \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hline Date & Account & Dr & Cr \\ \hline & Accounts Payable & $27,800 & \\ \hline & \multicolumn{2}{|c|}{ cash } & \\ \hline & Being cash paid to sundry creditors \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|} \hline Date & Account & Dr & Cr \\ \hline \multicolumn{1}{|c|}{ cash } & $27,000 & \\ \hline & Outstanding Revenue & & $5,400 \\ \hline & Beingcashreceivedfortheservicesprovidedandtobeprovided \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hline Date & Account & Dr & Cr \\ \hline & cash & $8,300 & \\ \hline & Accounts Receivable & $104,200 & \\ \hline & Sales & & $112,500 \\ \hline & Being sales booked & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hline Date & Account & Dr & Cr \\ \hline & retained earnings & $10,680 & \\ \hline & Dividend Payable & & $10,680 \\ \hline & being dividend declared & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hline Date & Account & Dr & Cr \\ \hline & bad debts & $500 & \\ \hline & Accounts Receivable & & \\ \hline & Being cash received & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline Date & Account & Dr & Cr \\ \hline & Salaries & $39,200 & \\ \hline & Operating expenses & $5,725 & \\ \hline & cash & $44,925 \\ \hline & being cash paid for salaries and operating expenses \\ \hline \end{tabular} Trial Balance June 01, 2023 Title Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Supplies Land Building Debit 62,000 45,500 Credit 1,500 3,000 3,400 40,000 142,000 Accumulated Depreciation/Building 22,000 Equipment 38,000 Accumulated Depreciation/Equipment Accounts Payable Mortgage Payable Common Stock (\$10 Par) Paid-in-Capital in Excess of Par Retained Earnings Totals 3,000 units costing $1.00 each. 2917 30,750 65,500 80,000 5,000 126,233 333,900333,900
