(please Ignore filled in answers. Im not sure if i got them correct)

Adjusting Entries and Adjusted Trial Balances

Reece Financial Services Co., which specializes in appliance repair services, is owned and operated by Joni Reece. Reece Financial Services accounting clerk prepared the following unadjusted trial balance at July 31, 20Y9:

Reece Financial Services Co.
Unadjusted Trial Balance
July 31, 20Y9
	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 DepreciationBuilding			62,850
Equipment	45,000
Accumulated DepreciationEquipment			17,650
Accounts Payable			3,750
Unearned Rent			3,600
Common Stock			60,000
Retained Earnings			93,550
Dividends	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 at July 31, $900.
• Unexpired insurance at July 31, $1,500.
• Fees earned but unbilled on July 31, $10,200.
• Supplies on hand at July 31, $615.
• Rent unearned at July 31, $300.

Required:

Question Content Area

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. If an amount box does not require an entry, leave it blank.

July 31	Accumulated Depreciation-BuildingBuildingBuilding ExpenseBuilding PayableCashDepreciation Expense-BuildingDepreciation PayableDepreciation Expense-Building	Depreciation Expense-Building	Depreciation Expense-Building
	Accounts PayableAccumulated Depreciation-BuildingBuildingBuilding ExpenseBuilding PayableDepreciation Expense-BuildingDepreciation PayableAccumulated Depreciation-Building	Accumulated Depreciation-Building	Accumulated Depreciation-Building
31	Accounts PayableAccumulated Depreciation-EquipmentCashDepreciation Expense-EquipmentDepreciation PayableEquipmentEquipment PayableDepreciation Expense-Equipment	Depreciation Expense-Equipment	Depreciation Expense-Equipment
	Accounts PayableAccumulated Depreciation-EquipmentCashDepreciation Expense-EquipmentDepreciation PayableEquipmentEquipment PayableAccumulated Depreciation-Equipment	Accumulated Depreciation-Equipment	Accumulated Depreciation-Equipment
31	Accounts PayableCashFees EarnedPrepaid Salaries and WagesSalaries and Wages ExpenseSalaries and Wages PayableSalaries and Wages RevenueSalaries and Wages Expense	Salaries and Wages Expense	Salaries and Wages Expense
	Accounts PayableCashFees EarnedPrepaid Salaries and WagesSalaries and Wages ExpenseSalaries and Wages PayableSalaries and Wages RevenueSalaries and Wages Payable	Salaries and Wages Payable	Salaries and Wages Payable
31	Accounts PayableCashInsurance ExpenseInsurance PayableInsurance ReceivableInsurance RevenuePrepaid InsuranceInsurance Expense	Insurance Expense	Insurance Expense
	CashInsurance ExpenseInsurance PayableInsurance ReceivableInsurance RevenuePrepaid InsurancePrepaid ReceivablePrepaid Insurance	Prepaid Insurance	Prepaid Insurance
31	Accounts PayableAccounts ReceivableCashFees EarnedFees ExpenseFees PayableUnearned FeesAccounts Receivable	Accounts Receivable	Accounts Receivable
	Accounts PayableAccounts ReceivableCashFees EarnedFees ExpenseFees PayableUnearned FeesFees Earned	Fees Earned	Fees Earned
31	Accounts PayableCashSuppliesSupplies ExpenseSupplies PayableSupplies ReceivableSupplies RevenueSupplies Expense	Supplies Expense	Supplies Expense
	Accounts PayableCashSuppliesSupplies ExpenseSupplies PayableSupplies ReceivableSupplies RevenueSupplies	Supplies	Supplies
31	Prepaid RentRent ExpenseRent PayableRent ReceivableRent RevenueUnearned ReceivableUnearned RentRent Revenue	Rent Revenue	Rent Revenue
	CashPrepaid RentRent ExpenseRent PayableRent ReceivableRent RevenueUnearned RentUnearned Rent	Unearned Rent	Unearned Rent

Question Content Area

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 blank.

	Debit Balances	Credit Balances
Accumulated Depreciation-BuildingAccumulated Depreciation-EquipmentCashFees EarnedRent RevenueCash	Cash	Cash
Accounts PayableAccounts ReceivableFees EarnedRent RevenueSupplies ExpenseAccounts Receivable	Accounts Receivable	Accounts Receivable
Insurance ExpenseInsurance PayablePrepaid InsuranceRent RevenueUnearned RentPrepaid Insurance	Prepaid Insurance	Prepaid Insurance
Accounts PayableSuppliesSupplies ExpenseSupplies PayableUtilities ExpenseSupplies	Supplies	Supplies
Advertising ExpenseLandMiscellaneous ExpenseRent RevenueRepairs ExpenseLand	Land	Land
Accounts PayableBuildingFees EarnedInsurance ExpenseRent RevenueBuilding	Building	Building
Accounts PayableAccumulated Depreciation-BuildingCashRent RevenueSupplies ExpenseAccumulated Depreciation-Building	Accumulated Depreciation-Building	Accumulated Depreciation-Building
Advertising ExpenseEquipmentMiscellaneous ExpenseRent RevenueUnearned RentEquipment	Equipment	Equipment
Accounts PayableAccumulated Depreciation-EquipmentDepreciation Expense-EquipmentInsurance ExpenseSupplies ExpenseAccumulated Depreciation-Equipment	Accumulated Depreciation-Equipment	Accumulated Depreciation-Equipment
Accounts PayableBuildingCashEquipmentFees EarnedAccounts Payable	Accounts Payable	Accounts Payable
Insurance PayableRent RevenueSalaries and Wages ExpenseSupplies ExpenseUnearned RentUnearned Rent	Unearned Rent	Unearned Rent
CashFees EarnedPrepaid InsuranceRent RevenueSalaries and Wages PayableRent Revenue	Rent Revenue	Rent Revenue
Accounts PayableCommon StockEquipmentFees EarnedSuppliesCommon Stock	Common Stock	Common Stock
Common StockDividendsRetained EarningsSalaries and Wages ExpenseSalaries and Wages PayableRetained Earnings	Retained Earnings	Retained Earnings
Common StockDividendsRetained EarningsSalaries and Wages ExpenseSalaries and Wages PayableSalaries and Wages Expense	Salaries and Wages Expense	Salaries and Wages Expense
DividendsEquipmentFees EarnedLandSuppliesDividends	Dividends	Dividends
DividendsEquipmentLandRent RevenueSupplies	- Select -	- Select -
Prepaid InsuranceRent RevenueSalaries and Wages ExpenseSuppliesUnearned RentSalaries and Wages Expense	Salaries and Wages Expense	Salaries and Wages Expense
Accumulated Depreciation-BuildingAccumulated Depreciation-EquipmentCashRent RevenueUtilities ExpenseUtilities Expense	Utilities Expense	Utilities Expense
Accounts PayableAccounts ReceivableAccumulated Depreciation-BuildingAdvertising ExpenseFees Earned	- Select -	- Select -
Accounts PayableCashDepreciation Expense-BuildingFees EarnedSalaries and Wages Payable	- Select -	- Select -
Prepaid InsuranceRent RevenueRepairs ExpenseSalaries and Wages PayableUnearned Rent	- Select -	- Select -
Accounts PayableCashEquipmentInsurance ExpensePrepaid Insurance	- Select -	- Select -
Accounts PayableAccumulated Depreciation-EquipmentCashDepreciation Expense-EquipmentRent Revenue	- Select -	- Select -
LandPrepaid InsuranceRent RevenueSupplies ExpenseUnearned RentPrepaid Insurance	Prepaid Insurance	Prepaid Insurance
LandMiscellaneous ExpensePrepaid InsuranceRent RevenueUnearned RentMiscellaneous Expense	Miscellaneous Expense	Miscellaneous Expense
Total