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:

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.

*JUST NEED QUESTION 2 SOLVED

(JUST NEED NUMBER 2)

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, 2019: Reece Financial Services Co. Unadjusted Trial Balance July 31, 2019 Debit Balances Credit Balances 3,690 33,470 Cash Accounts Receivable Prepaid Insurance Supplies 6,240 1,700 Land 98,430 177,590 Building Accumulated Depreciation-Building 120,270 Equipment 118,290 Accumulated Depreciation Equipment Accounts Payable Unearned Rent Common Stock Retained Earnings 85,670 10,500 5,960 80,000 112,900 Dividends 13,050 283,660 169,060 Fees Earned Salaries and Wages Expense Utilities Expense Advertising Expense Repairs Expense Miscellaneous Expense 37,160 19,860 15,030 5,390 698,960 698,960 The data needed to determine year-end adjustments are as follows: Depreciation of building for the year, $2,770. Depreciation of equipment for the year, $2,400. Accrued salaries and wages at July 31, $2,700. Unexpired insurance at July 31, $4,180. Fees earned but unbilled on July 31, $15,880. Supplies on hand at July 31, $510. Rentunarned at may 21 1550 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 Depreciation Expense-Building Accumulated Depreciation-Building 31 Depreciation Expense-Equipment Accumulated Depreciation Equipment 31 Salaries and Wages Expense Salaries and Wages Payable 31 Insurance Expense Prepaid Insurance 31 Accounts Receivable Fees Earned 31 Supplies Expense Supplies 31 Unearned Rent 4,410 Rent Revenue 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. 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, 2019 Debit Balances Credit Balances Cash Accounts Receivable Prepaid Insurance Supplies Land Building Accumulated Depreciation-Building Equipment Accumulated Depreciation Equipment Accounts Payable Unearned Rent Rent Revenue Prepaid Insurance Retained Earnings Unearned Rent Insurance Expense Common Stock Supplies Expense Miscellaneous Expense Totals