Problem 4.21 b do part b

Chelsea Elliott, Marketing Services Unadjusted trial balance as at 30 June 2018 Account Debit Credit Cash at bank Accounts receivable GST receivable Prepaid rent Prepaid insurance Office supplies Office equipment Accumulated depreciation Accounts payable office equipment Unearned fees $9,020 25,170 3,020 2,440 3,170 4,660 14,150 $2,870 3,250 1,280 10,670 9,350 19,260 60,320 160,530 66,350 7,080 11,830 $207,210 $207,210 Loan payable due 2018 GST payable C Elliott, capital C Elliott, drawings Fees revenue Salaries expense Telephone expense Rent expense (a) Your answer is partially correct. Using the following information, prepare adjusting entries. Use the accounts shown in the trial balance and these ad account payable, depreciation expense, office supplies expense, insurance expense, interest expense. (Enter debit entries first, followed by credit entries. Credit account titles are automatically indented when the decimal places, e.g. 1,525.) 1. 2. 3. 4. Interest expense of $600 has accrued on the loan payable. A physical count of office supplies on 30 June shows $650 of unused supplies on hand. Depreciation of the office equipment this year is estimated to be $1,180. Half the amount in the unearned fees account had been earned by the end of the year. The amount in the prepaid rent account covers this June and the next 2 months. Of prepaid insurance, 60% expired this period. Salaries expense accrued for the last 4 days in June amounts to $1,930. The telephone expense for June of $780 has not been recorded or paid. No tax invoice has been issued. 5. 6. 7. 8. Chelsea Elliott, Marketing Services General journal adjusting entries Particulars Debit Credit Date 30 June 2018 1. Interest expense 600 Interest payable 600 (Accrued interest on loan payable) 2. Office supplies expense 4010 Office supplies 4010 (Office supplies used) 3. Depreciation expense office equipment 1,180 > Accumulated depreciation office equipment v 1,180 (Depreciation on office equipment) 4. Unearned fees 640 Fees revenue 640 (Fees revenue received previously, now earned) Fees revenue 640 (Fees revenue received previously, now earned) 5. Rent expense 1947 Prepaid rent 1947 (Rent expense for June) 6. Insurance expense Prepaid insurance (Insurance prepaid now expired) 7. Salaries expense 1,930 > Salaries payable 1,930 (Accrued salaries payable) 8. Telephone expense 780 Telephone account payable 780 (b) Open T accounts for the accounts shown in the trial balance and enter the 30 June balance in each account. Post adjusting entries. Leave blank any fields that do not require an entry. Round answers to 0 decimal pla Cash at bank 30/6 Balance Account receivable 30/6 Balance GST receivable 30/6 Balance Prepaid rent 30/6 Balance Prepaid insurance Prepaid insurance 30/6 Balance Office supplies 30/6 Balance Office equipment 30/6 Balance Accumulated depreciation office equipment 30/6 Balance (3) Depreciation expense Accounts payable 30/6 Balance Interest payable (1) Interest expense Telephone account payable (8) Telephone expense Salaries payable (7) Salaries expense Unearned fees (4) Fees revenue 30/6 Balance Loan payable 30/6 Balance GST payable 30/6 Balance C Elliot, capital 30/6 Balance C Elliot, drawings 30/6 Balance > Fees revenue 30/6 Balance (4) Unearned fees Salaries expense 30/6 Balance (7) Salaries payable (8) Telephone account payable v Rent expense 30/6 Balance (5) Prepaid rent Rent expense 30/6 Balance (5) Prepaid rent Interest expense (1) Interest payable Depreciation expense office equipment (3) Accumulated depreciation Office supplies expense (2) Office supplies Insurance expense (6) Prepaid insurance