instructions
chart of accounts
journal
adjusting trial balance
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 Company's accounting clerk prepared the following unadjusted trial balance Pitman Company UNADJUSTED TRIAL BALANCE October 31, 2019 ACCOUNT TITLE DEBIT CREDIT - Cash 7,420.00 2 Accounts Receivable 38,115.00 7,050.00 3 Prepaid Insurance 4 Supplies 1,630.00 5 Land 114,550.00 150,250.00 6 Building 17. Accumulated Depreciation Building 88,800.00 8 Equipment 133,200.00 9 Accumulated Depreciation Equipment 96,605.00 10 Accounts Payable 11 Uneared Rent 12,560.00 7,035.00 217,215.00 12 Jan Pitman, Capital 13 Jan Pitman, Drawing 15,055.00 14 Fees Earned 327,900.00 194,870.00 42 345.00 15 Salaries and Wages Expense 16 Utilities Expense 17 Advertising Expense 18 Repairs Expense 19 Miscellaneous Expense 22,335.00 17.690.00 5,605.00 750,115.00 20 Totals 750,115.00 The data needed to determine year-end adjustments are as follows: a. Unexpired insurance at October 31, $6,130 b. Supplies on hand at October 31, 5615 c. Depreciation of building for the year, $7,610. d. Depreciation of equipment for the year $4,300. e. Unearned rent at October 31, $1.490 f. Accrued salaries and wages at October 31, $3,040. g. Fees earned but unbilled on October 31, $10,865 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 15 Land 16 Building 17 Accumulated Depreciation-Building 18 Equipment 19 Accumulated Depreciation-Equipment 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 Uneamed Rent 23 Salaries and Wages Payable EQUITY 31 Jan Pitman, Capital 32 Jan Pitman, Drawing Journal DATE DESCRIPTION Adjusting Entries POST. REF DEBIT CREDIT Adjusted Trial Balance Pitman Company ADJUSTED TRIAL BALANCE October 31, 2019 ACCOUNT TITLE DEBIT CREDIT Cash Accounts Receivable 3 Prepaid Insurance 4 Supplies 5 Land 6 Building 7 Accumulated Depreciation-Building Adjusted Trial Balance Equipment 9 Accumulated Depreciation Equipment 10 Accounts Payable 11 Unearned Rent 12 Salaries and Wages Payable 13 Jan Pitman, Capital 14 Jan Pitman, Drawing 15 Fees Earned 16 Rent Revenue 17 Salaries and Wages Expense 18 Utilities Expense 18 Utilities Expense 19 Advertising Expense 20 Repairs Expense 21 Depreciation Expense-Building 22 Depreciation Expense-Equipment 23 Insurance Expense 24 Supplies Expense 25 Miscellaneous Expense 26 Totals
