PROBLEM 3-5A Greco Service Co., which specializes in appliance repair services, is owned and op- erated by Curtis Loomis. Greco Service Co.'s accounting clerk prepared the follow- ing trial balance at December 31, 2006: Adjusting entries and adjusted trial balances Objectives 3, 4 Greco Service Co Trial Balance December 31, 2006 4,200 20,600 6,000 2. Total of Debit Column: Supplies $552,520 Land 100,000 161,500 75,700 80,100 7,500 Unearned Rent 7,200 157,100 Curtis Loomis, Drawing.. 5,000 Fees Earned 257,200 Salaries and Wages Expense . ...- 101,800 28,200 15,000 Advertising Expense 12,100 4,050 540,000 The data needed to determine year-end adjustments are as follows: a. Depreciation of building for the year, $3,600. b. Depreciation of equipment for the year, $2,400. c. Accrued salaries and wages at December 31, $2,170. c03 101-138.xd 11/10/03 8:09 PM Page 131 Chapter3 The Matching Concept and the Adjusting Process 131 d. Unexpired insurance at December 31, $3,500. e. Fees earned bu unbilled on December 3, $4,350. f. Supplies on hand at December 31, $375. g. Rent unearned at December 31, $2,800. Instructions 1. Journalize the adjusting entries. Add additional accounts as needed. 2. Determine the balances of the accounts affected by the adjusting entries and pre- pare an adjusted trial balance