Marvel Co.

Unadjusted Trial Balance

May 30, 2020

Debits

Credits

Cash

$10,800

Accounts receivable

38,900

Prepaid Insurance

4,200

Supplies

2,730

Land

98,000

Building

400,000

Accum. Depr. - Building

205,300

Equipment

101,000

Accum. Depr. - Equipment

85,100

Accounts Payable

15,700

Salaries & Wages Payable

-

Unearned Rent

2,100

Common Stock

75,000

Retained Earnings

128,100

Dividends

10,000

Fees Earned

363,700

Rent Revenue

-

Salaries & Wages Expense

158,100

Advertising Expense

21,700

Utilities Expense

16,400

Depreciation Expense

-

Repairs Expense

8,850

Misc. Expense

4,320

Totals

$875,000

$875,000

Using the unadjusted trial balance, prepare the following:

1. Adjusting Entries

A.On May 30, there were $9,100 of fees earned but not yet billed to customers.

B.$3,150 of prepaid insurance had expired as of May 30.

C.A physical count revealed that supplies on hand is $550.

D.Building depreciation for the period was $12,000.

E.Equipment depreciation for the period was $4,800.

F.Marvel Co. pays its employees each Friday which totals $12,500. On May 30, they are only two days into the pay period.

G.The remaining balance in unearned rent should be $1,000.

2.Adjusted Trial Balance

3.Income Statement

4.Statement of Stockholder's Equity

5.Balance Sheet

6.Closing Entries

7.Post-Closing Balance Sheet