Question
Martin Editing Company UNADJUSTED TRIAL BALANCE August 31, 20Y1 ACCOUNT TITLE DEBIT CREDIT 1 Cash 7,710.00 2 Accounts Receivable 37,935.00 3 Prepaid Insurance 7,070.00 4
Martin Editing Company
UNADJUSTED TRIAL BALANCE
August 31, 20Y1
ACCOUNT TITLE | DEBIT | CREDIT | |
---|---|---|---|
1 | Cash | 7,710.00 |
|
2 | Accounts Receivable | 37,935.00 |
|
3 | Prepaid Insurance | 7,070.00 |
|
4 | Supplies | 2,125.00 |
|
5 | Land | 108,400.00 |
|
6 | Building | 145,300.00 |
|
7 | Accumulated Depreciation-Building |
| 85,610.00 |
8 | Equipment | 134,800.00 |
|
9 | Accumulated Depreciation-Equipment |
| 96,100.00 |
10 | Accounts Payable |
| 12,625.00 |
11 | Unearned Rent |
| 6,340.00 |
12 | Common Stock |
| 75,495.00 |
13 | Retained Earnings |
| 144,195.00 |
14 | Dividends | 15,120.00 |
|
15 | Fees Earned |
| 323,700.00 |
16 | Salaries and Wages Expense | 196,770.00 |
|
17 | Utilities Expense | 42,265.00 |
|
18 | Advertising Expense | 23,135.00 |
|
19 | Repairs Expense | 17,195.00 |
|
20 | Miscellaneous Expense | 6,240.00 |
|
21 | Totals | 744,065.00 | 744,065.00 |
The data needed to determine year-end adjustments are as follows:
Unexpired insurance at August 31, $6,105. | |
Supplies on hand at August 31, $485. | |
Depreciation of building for the year, $7,140. | |
Depreciation of equipment for the year, $4,445. | |
Rent unearned at August 31, $1,890. | |
Accrued salaries and wages at August 31, $3,330. | |
Fees earned but unbilled on August 31, $11,475. |
Required: | |
1. | Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable; Rent Revenue; Insurance Expense; Depreciation ExpenseBuilding; Depreciation ExpenseEquipment; and Supplies Expense. |
2. | Determine the balances of the accounts affected by the adjusting entries, and prepare an adjusted trial balance. |
1. Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable; Rent Revenue; Insurance Expense; Depreciation ExpenseBuilding; Depreciation ExpenseEquipment; and Supplies Expense.
General Journal Instructions
DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | ASSETS | LIABILITIES | EQUITY | |
---|---|---|---|---|---|---|---|---|
1 |
| Adjusting Entries |
|
|
|
|
|
|
2 |
|
|
|
|
|
|
|
|
3 |
|
|
|
|
|
|
|
|
4 |
|
|
|
|
|
|
|
|
5 |
|
|
|
|
|
|
|
|
6 |
|
|
|
|
|
|
|
|
7 |
|
|
|
|
|
|
|
|
8 |
|
|
|
|
|
|
|
|
9 |
|
|
|
|
|
|
|
|
10 |
|
|
|
|
|
|
|
|
11 |
|
|
|
|
|
|
|
|
12 |
|
|
|
|
|
|
|
|
13 |
|
|
|
|
|
|
|
|
14 |
|
|
|
|
|
|
|
|
15 |
|
|
|
|
|
|
|
|
2. Determine the balances of the accounts affected by the adjusting entries, and prepare an adjusted trial balance.
August 31, 20Y1
ACCOUNT TITLE | DEBIT | CREDIT | |
---|---|---|---|
1 | Cash |
|
|
2 | Accounts Receivable |
|
|
3 | Prepaid Insurance |
|
|
4 | Supplies |
|
|
5 | Land |
|
|
6 | Building |
|
|
7 | Accumulated Depreciation-Building |
|
|
8 | Equipment |
|
|
9 | Accumulated Depreciation-Equipment |
|
|
10 | Accounts Payable |
|
|
11 | Unearned Rent |
|
|
12 | Salaries and Wages Payable |
|
|
13 | Common Stock |
|
|
14 | Retained Earnings |
|
|
15 | Dividends |
|
|
16 | Fees Earned |
|
|
17 | Rent Revenue |
|
|
18 | Salaries and Wages Expense |
|
|
19 | Utilities Expense |
|
|
20 | Advertising Expense |
|
|
21 | Repairs Expense |
|
|
22 | Depreciation Expense-Building |
|
|
23 | Depreciation Expense-Equipment |
|
|
24 | Insurance Expense |
|
|
25 | Supplies Expense |
|
|
26 | Miscellaneous Expense |
|
|
27 | Totals |
|
|
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