Question
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
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 | 4,330 | |||
| Accounts Receivable | 39,260 | |||
| Prepaid Insurance | 7,320 | |||
| Supplies | 2,000 | |||
| Land | 115,450 | |||
| Building | 208,230 | |||
| Accumulated DepreciationBuilding | 141,070 | |||
| Equipment | 138,740 | |||
| Accumulated DepreciationEquipment | 100,480 | |||
| Accounts Payable | 12,310 | |||
| Unearned Rent | 6,990 | |||
| Common Stock | 80,000 | |||
| Retained Earnings | 146,200 | |||
| Dividends | 15,300 | |||
| Fees Earned | 332,710 | |||
| Salaries and Wages Expense | 198,300 | |||
| Utilities Expense | 43,590 | |||
| Advertising Expense | 23,290 | |||
| Repairs Expense | 17,630 | |||
| Miscellaneous Expense | 6,320 | |||
| 819,760 | 819,760 | |||
The data needed to determine year-end adjustments are as follows:
- Depreciation of building for the year, $3,240.
- Depreciation of equipment for the year, $2,810.
- Accrued salaries and wages at July 31, $3,170.
- Unexpired insurance at July 31, $4,900.
- Fees earned but unbilled on July 31, $18,630.
- Supplies on hand at July 31, $600.
- Rent unearned at July 31, $1,820.
Required:
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 | fill in the blank 638478fdc01d04e_2 | fill in the blank 638478fdc01d04e_3 | |
| fill in the blank 638478fdc01d04e_5 | fill in the blank 638478fdc01d04e_6 | ||
| 31 | fill in the blank 638478fdc01d04e_8 | fill in the blank 638478fdc01d04e_9 | |
| fill in the blank 638478fdc01d04e_11 | fill in the blank 638478fdc01d04e_12 | ||
| 31 | fill in the blank 638478fdc01d04e_14 | fill in the blank 638478fdc01d04e_15 | |
| fill in the blank 638478fdc01d04e_17 | fill in the blank 638478fdc01d04e_18 | ||
| 31 | fill in the blank 638478fdc01d04e_20 | fill in the blank 638478fdc01d04e_21 | |
| fill in the blank 638478fdc01d04e_23 | fill in the blank 638478fdc01d04e_24 | ||
| 31 | fill in the blank 638478fdc01d04e_26 | fill in the blank 638478fdc01d04e_27 | |
| fill in the blank 638478fdc01d04e_29 | fill in the blank 638478fdc01d04e_30 | ||
| 31 | fill in the blank 638478fdc01d04e_32 | fill in the blank 638478fdc01d04e_33 | |
| fill in the blank 638478fdc01d04e_35 | fill in the blank 638478fdc01d04e_36 | ||
| 31 | fill in the blank 638478fdc01d04e_38 | fill in the blank 638478fdc01d04e_39 | |
| fill in the blank 638478fdc01d04e_41 | fill in the blank 638478fdc01d04e_42 |
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, 20Y9 | ||
| Debit Balances | Credit Balances | |
| fill in the blank 827832fd2fc0fff_2 | fill in the blank 827832fd2fc0fff_3 | |
| fill in the blank 827832fd2fc0fff_5 | fill in the blank 827832fd2fc0fff_6 | |
| fill in the blank 827832fd2fc0fff_8 | fill in the blank 827832fd2fc0fff_9 | |
| fill in the blank 827832fd2fc0fff_11 | fill in the blank 827832fd2fc0fff_12 | |
| fill in the blank 827832fd2fc0fff_14 | fill in the blank 827832fd2fc0fff_15 | |
| fill in the blank 827832fd2fc0fff_17 | fill in the blank 827832fd2fc0fff_18 | |
| fill in the blank 827832fd2fc0fff_20 | fill in the blank 827832fd2fc0fff_21 | |
| fill in the blank 827832fd2fc0fff_23 | fill in the blank 827832fd2fc0fff_24 | |
| fill in the blank 827832fd2fc0fff_26 | fill in the blank 827832fd2fc0fff_27 | |
| fill in the blank 827832fd2fc0fff_29 | fill in the blank 827832fd2fc0fff_30 | |
| fill in the blank 827832fd2fc0fff_32 | fill in the blank 827832fd2fc0fff_33 | |
| fill in the blank 827832fd2fc0fff_35 | fill in the blank 827832fd2fc0fff_36 | |
| fill in the blank 827832fd2fc0fff_38 | fill in the blank 827832fd2fc0fff_39 | |
| fill in the blank 827832fd2fc0fff_41 | fill in the blank 827832fd2fc0fff_42 | |
| fill in the blank 827832fd2fc0fff_44 | fill in the blank 827832fd2fc0fff_45 | |
| fill in the blank 827832fd2fc0fff_47 | fill in the blank 827832fd2fc0fff_48 | |
| fill in the blank 827832fd2fc0fff_50 | fill in the blank 827832fd2fc0fff_51 | |
| fill in the blank 827832fd2fc0fff_53 | fill in the blank 827832fd2fc0fff_54 | |
| fill in the blank 827832fd2fc0fff_56 | fill in the blank 827832fd2fc0fff_57 | |
| fill in the blank 827832fd2fc0fff_59 | fill in the blank 827832fd2fc0fff_60 | |
| fill in the blank 827832fd2fc0fff_62 | fill in the blank 827832fd2fc0fff_63 | |
| fill in the blank 827832fd2fc0fff_65 | fill in the blank 827832fd2fc0fff_66 | |
| fill in the blank 827832fd2fc0fff_68 | fill in the blank 827832fd2fc0fff_69 | |
| fill in the blank 827832fd2fc0fff_71 | fill in the blank 827832fd2fc0fff_72 | |
| fill in the blank 827832fd2fc0fff_74 | fill in the blank 827832fd2fc0fff_75 | |
| fill in the blank 827832fd2fc0fff_77 | fill in the blank 827832fd2fc0fff_78 | |
| Totals | fill in the blank 827832fd2fc0fff_79 | fill in the blank 827832fd2fc0fff_80 |
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New Perspectives In Accounting Ethics
Authors: Emerald Group Publishing Limited
23rd Edition
1785608673, 9781785608674
