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Ned help trying to determine the balances of the accounts affected by the adjusting entries, and prepare an adjusted trial balance. Reece Financial Services Co.
Ned help trying to determine the balances of the accounts affected by the adjusting entries, and prepare an adjusted trial balance.
Reece Financial Services Co. Unadjusted Trial Balance July 31, 2019, Debit Balances Credit Balances Cash 10,200 Accounts Receivable 34,750 Prepaid Insurance 6,000 Supplies 1,725 Land 50,000 Building 155,750 Accumulated Depreciation-Building 62,850 Equipment 45,000 Accumulated Depreciation-Equipment 17,650 Accounts Payable 3,750 Unearned Rent 3,600 Joni Reece, Capital 153,550 Joni Reece, Drawing 8,000 Fees Earned 158,600 Salaries and Wages Expense 56,850 Utilities Expense 14,100 Advertising Expense 7,500 Repairs Expense 6, 100 Miscellaneous Expense 4,025 400,000 400,000 The data needed to determine year-end adjustments are as follows: Depreciation of building for the year, $6,400. Depreciation of equipment for the year, $2,800. Accrued salaries and wages on July 31, $900. Unexpired insurance on July 31, $1,500. Fees earned but unbilled on July 31, $10,200. Supplies on hand at July 31, $615. Rent unearned on July 31, $300. The data needed to determine year-end adjustments are as follows: Depreciation of building for the year, $6,400. Depreciation of equipment for the year, $2,800. Accrued salaries and wages on July 31, $900. Unexpired insurance on July 31, $1,500. Fees earned but unbilled on July 31, $10,200. Supplies on hand at July 31, $615. Rent unearned on July 31, $300. 2. Determine the balances of the accounts affected by the adjusting entries, and prepare an adjusted trial balance. If an amount box does not require an entry, leave it blankStep by Step Solution
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