Question
Rowland Company is a small editorial services company owned and operated by Fran Briggs. On August 31, 2018, the end of the current year, Rowland
Rowland Company is a small editorial services company owned and operated by Fran Briggs. On August 31, 2018, the end of the current year, Rowland Company's accounting clerk prepared the following unadjusted trial balance:
Rowland Company | ||||
Unadjusted Trial Balance | ||||
August 31, 2018 | ||||
Debit Balances | Credit Balances | |||
Cash | 3,540 | |||
Accounts Receivable | 32,090 | |||
Prepaid Insurance | 5,980 | |||
Supplies | 1,630 | |||
Land | 94,370 | |||
Building | 170,210 | |||
Accumulated DepreciationBuilding | 115,310 | |||
Equipment | 113,400 | |||
Accumulated DepreciationEquipment | 82,130 | |||
Accounts Payable | 10,060 | |||
Unearned Rent | 5,710 | |||
Common Stock | 80,000 | |||
Retained Earnings | 104,900 | |||
Dividends | 12,510 | |||
Fees Earned | 271,950 | |||
Salaries and Wages Expense | 162,080 | |||
Utilities Expense | 35,630 | |||
Advertising Expense | 19,040 | |||
Repairs Expense | 14,410 | |||
Miscellaneous Expense | 5,170 | |||
The data needed to determine year-end adjustments are as follows: Unexpired insurance at August 31, $4,010. Supplies on hand at August 31, $490. Depreciation of building for the year, $2,650. Depreciation of equipment for the year, $2,300. Rent unearned at August 31, $1,480. Accrued salaries and wages at August 31, $2,590. Fees earned but unbilled on August 31, $15,230. Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable; Rent Revenue; Insurance Expense; Depreciation ExpenseBuilding; Depreciation ExpenseEquipment; and Supplies Expense.
| 670,060 | 670,060 |
|
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