Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Reece Financial Services Co. Unadjusted Trial Balance July 31, 2049 Debit Credit Balances Balances Cash 4,060 36,830 Accounts Receivable 6,870 Prepaid Insurance Supplies Land 1,870

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Reece Financial Services Co. Unadjusted Trial Balance July 31, 2049 Debit Credit Balances Balances Cash 4,060 36,830 Accounts Receivable 6,870 Prepaid Insurance Supplies Land 1,870 108,310 195,340 Building Accumulated Depreciation-Building 132,340 130,150 Equipment Accumulated Depreciation-Equipment Accounts Payable 94,260 11,550 6,550 Unearned Rent Common Stock 80,000 Retained Earnings 132,200 Dividends 14,360 Fees Earned 312,120 Salaries and Wages Expense 186,020 in on Unearned Rent Common Stock Retained Earnings 6,550 80,000 132,200 Dividends 14,360 Fees Earned 312,120 Salaries and Wages Expense Utilities Expense Advertising Expense Repairs Expense 186,020 40,890 21,850 16,540 5,930 769,020 Miscellaneous Expense 769,020 The data needed to determine year-end adjustments are as follows: Depreciation of building for the year, $3,040. Depreciation of equipment for the year, $2,640. Accrued salaries and wages at July 31, 52,980. Unexpired insurance at July 31, $4,600. Fees earned but unbilled on July 31, $17,480. Supplies on hand at July 31, $560. Rent unearned at July 31, $1,700. Required: 1. Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable; Rent Revenue; Insurance Expense; Depreciation Expense- Building; Depreciation Expense-Equipment; and Supplies Expense. If an amount box does not require an entry, leave it blank. July 31 Required: 1. Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable; Rent Revenue; Insurance Expense; Depreciation Expense- Building; Depreciation Expense-Equipment; and Supplies Expense. If an amount box does not require an entry, leave it blank, July 31 OD ID ODDDDD DO DIN NOOD 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. Reece Financial Services Co. Adjusted Trial Balance July 31, 2049 Debit Balances Credit Balances Totals

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing An International Approach

Authors: Bahram Soltani

1st Edition

9780273657736

Students also viewed these Accounting questions