Oct 1 Cash 100000

Common Stock 100000

Oct 1 Office Equipment 50000

Notes Payable 50000

Oct 2 Cash 12000

Unearned Service Revenue 12000

Oct 3 Rent Expense 9000

Cash 9000

Oct 4 Prepaid Insurance 6000

Cash 6000

Oct 5 Supplies 25000

Account Payable 25000

Oct 20 Dividends 5000

Cash 5000

Oct 26 Salaries and wages expense 40000

Cash 40000

Oct 31 Cash 28000

Accounts Receivable 72000

Service Revenue 100000

Eight adjusting entries are required before Pioneer can prepare October financial statements. For 3 of the adjustments sufficient information is available in the above October transactions (interest payable on the note, unearned revenue now earned, prepaid insurance expired). For the other 5, the information below is provided.

An inventory shows $10,000 of supplies on hand at October 31.

The Office Equipment has an estimated useful life of 10 years and salvage value of $2,000. Use straight-line depreciation.

Advertising services of $2,000 were completed late in October. The bookkeeper at Pioneer did not have time to bill the client, nor record anything regarding these services as of October 31.

Of the accounts receivable at October 31, it is estimated that $1,600 will be uncollectible

. Since being paid on October 26, employees have earned wages and salaries of $6,000. Required: journalize & post adjusting entries and prepare an adjusted trial balance as of October 31. Check figure for the trial balance footings: dr=cr=297,500.