Sears Editing Company ADJUSTED TRIAL BALANCE January 31, 2011 ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Accounts Receivable 3 Prepaid Insurance * Supplies $ Land 6 Building 7 Accumulated Depreciation-Building 8 Equipment 9 Accumulated Depreciation Equipment 10 Accounts Payable 11 Uneamed Rent 12 Sataries and Wages Payable 13 Common Stock 14 Retained Earnings 15 Dividends 16 Fees Earned 17 Rent Revenue 18 Salaries and Wages Expense 19 Utilities Expense 20 Advertising Expense 21 Repairs Expense 22 Depreciation Expense-Building 23 Depreciation Expense-Equipment 24 Insurance Expense 25 Supplies Expense 26 Miscellaneous Expense 27 Totals 4. EX.04.14 Identifying Accounts to be Closed Fmm the following list identify the accounts that should be closed to retained Earnings at the end of ti the following unadjusted trial balance Sears Editing Company UNADJUSTED TRIAL BALANCE January 31, 2011 DEBUT CREDIT ACCOUNT TITLE 7.135.00 1 Cash 37,950.00 Accounts Receivable 7,045.00 Prepaid Insurance 1,895.00 + Supplies 116,150.00 5 Land 148,750.00 6 Building 88,280.00 7 Accumulated Depreciation-Building 133,800.00 8 Equipment 9 Accumulated Depreciation Equipment 97,280.00 12.145.00 10 Accounts Payable 6,970.00 11 Unearned Rent 74,735.00 12 Common Stock 147,950.00 15 Retained Earnings 15,300.00 14 Dividends 320,650.00 15 Fees Earned 190,770.00 16 Salaries and Wages Expense 42,730.00 17 Utilities Expense 22,595.00 18 Advertising Expense 19 Repairs Expense 17,420.00 6,470.00 20 Miscellaneous Expense 748,010.00 748,010.00 21 Totals The data needed to determine year-end adjustments are as follows: a. Unexpired insurance at January 31, $6,080. b. Supplies on hand at January 31, $470. c. Dereciation of building for the year, $7.245. d. Depreciation of equipment for the year, $4,140, e. Rent unearned at January 31, $1,200. f. Accrued salaries and wages at January 31, $3,550, G. Fees earned but unbilled on January 31, $11,125, The adjusting entries, and prepare an a CHART OF ACCOUNTS Sears Editing Company General Ledger ASSETS 11 Cash REVENUE 12 Accounts Receivable 41 Fees Earned 13 Prepaid Insurance 42 Rent Revenue 14 Supplies EXPENSES 15 Land 51 Salaries and Wages Expense 16 Building 52 Utilities Expense 17 Accumulated Depreciation-Building 18 Equipment 19 Accumulated Depreciation-Equipment 53 Advertising Expense 54 Repairs Expense 55 Depreciation Expense-Building 56 Depreciation Expense-Equipment LIABILITIES 57 Insurance Expense 21 Accounts Payable 58 Supplies Expense 22 Unearned Rent 59 Miscellaneous Expense 23 Salaries and Wages Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends urnal Hournalize the adjusting entries using the following additional accounts: Salaries and Wages Payable; R- uipment and Supplies Expense. Refer to the Chart of Accounts for exact wording of account titles. 18 Adjusted Trial Balance 2. Determine the balances of the accounts affected by the adjusting entries, and prepare an adjusted trial balance. Sears Editing Company ADJUSTED TRIAL BALANCE January 31, 2011 DEBIT CREDIT ACCOUNT TITLE 1 Cash 3 Accounts Receivable # Prepaid Insurance Supplies 5 Land Building > Accumulated Depreciation-Building Equipment Accumulated Depreciation Equipment 10 Accounts Payable 11 Uneamed Rent 17 Salaries and Wages Payable 11 Common Stock 14 Retained Earnings 15 Dividends 16 Fees Earned 17 Rent Revenue 18 Salaries and Wages Expense 19 Utilities Expense 20 Advertising Expense 11 Repairs Expense 22 Depreciation Expense-Building 23 Depreciation Expense-Equipment 24 Insurance Expense 25 Supplies Expense 26 Miscellaneous Expense 27 Totals Journal 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. Refer to the Chart of Accounts for exact wording of account titles. PAGE 10 ACCOUNTING EQUATION JOURNAL LIABILITIES ASSETS EQUITY DEBIT DATE CREDIT POST. REF. DESCRIPTION 1 Adjusting Entries 2 3 4 5 6 7 8 10 11