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:

The data needed to determine year-end adjustments are as follows:

Depreciation of building for the year, $6,400.

Depreciation of equipment for the year, $2,800.

Accrued salaries and wages at July 31, $900.

Unexpired insurance at July 31, $1,500.

Fees earned but unbilled on July 31, $10,200.

Supplies on hand at July 31, $615.

Rent unearned at July 31, $300.

Instructions

Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable, Rent Revenue, Insurance Expense, Depreciation ExpenseBuilding, Depreciation ExpenseEquipment, and Supplies Expense.

Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance

Reece Financial Services Co. Unadjusted Trial Balance July 31, 2019 Debit Balances Credit Balances 10,200 50,000 Building. 62,850 17,650 3,750 3,600 153,550 158,600 400,000 400,000