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	4,000
Accounts Receivable	36,290
Prepaid Insurance	6,770
Supplies	1,850
Land	106,720
Building	192,490
Accumulated DepreciationBuilding			130,410
Equipment	128,250
Accumulated DepreciationEquipment			92,880
Accounts Payable			11,380
Unearned Rent			6,460
Common Stock			80,000
Retained Earnings			129,100
Dividends	14,150
Fees Earned			307,560
Salaries and Wages Expense	183,310
Utilities Expense	40,290
Advertising Expense	21,530
Repairs Expense	16,300
Miscellaneous Expense	5,840
	757,790		757,790

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

• Depreciation of building for the year, $3,000.
• Depreciation of equipment for the year, $2,600.
• Accrued salaries and wages at July 31, $2,930.
• Unexpired insurance at July 31, $4,540.
• Fees earned but unbilled on July 31, $17,220.
• Supplies on hand at July 31, $560.
• Rent unearned at July 31, $1,680.

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
31
31
31
31
31
31

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
Totals