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The Blossom Company opened for business on May 1, 2022. Its trial balance before adjustment on May 31 is as follows. Blossom Company Trial Balance
The Blossom Company opened for business on May 1, 2022. Its trial balance before adjustment on May 31 is as follows. Blossom Company Trial Balance May 31, 2022 Account Number Debit Credit 101 Cash $4,270 126 Supplies 2,546 130 Prepaid Insurance 2,928 140 Land 14,640 141 Buildings 73,200 149 Equipment 17,040 200 Notes Payable $ 48,800 201 Accounts Payable 13,648 208 Unearned Rent Revenue 4,026 311 Common Stock 42,700 429 Rent Revenue 11,306 610 Advertising Expense 732 726 Salaries and Wages Expense 4,026 732 Utilities Expense 1,098 $120,480 $120,480 In addition to those accounts listed on the trial balance, the chart of accounts for Blossom Company also contains the following accounts and account numbers: No. 142 Accumulated Depreciation-Buildings, No. 150 Accumulated Depreciation-Equipment, No. 212 Salaries and Wages Pavable. No. 230 Interest Payable. No. 619 Depreciation Expense. No. 631 Supplies Expense. No. 718 Interest In addition to those accounts listed on the trial balance, the chart of accounts for Blossom Company also contains the following accounts and account numbers: No. 142 Accumulated Depreciation-Buildings, No. 150 Accumulated Depreciation-Equipment, No. 212 Salaries and Wages Payable, No. 230 Interest Payable, No. 619 Depreciation Expense, No. 631 Supplies Expense, No. 718 Interest Expense, and No. 722 Insurance Expense. Other data: 1. Prepaid insurance is a 1-year policy starting May 1, 2022. 2. A count of supplies shows $915 of unused supplies on May 31. 3. Annual depreciation is $3,660 on the buildings and $1,704 on equipment. 4. The note payable interest rate is 12%. (The note was taken out on May 1 and will be repaid along with interest in 2 years.) 5. Two-thirds of the unearned rent revenue has been earned. 6. Salaries and wages of $885 are unpaid and unrecorded at May 31. Prepare a ledger using the three-column form of account. Enter the trial balance amounts into the balance column and then post the adjusting entries. (Post entries in the order of journal entries posted in the previous part of the question.) Credit 4,270 Cash Date Explanation Ref Debit May 31 Balance Supplies Date Explanation Ref Debit May 31 Balance 915 May 31 Adjusting J1 915 Prepaid Insurance Date Explanation Ref Debit May 31 Balance 2,684 May 31 Adjusting J1 2,684 Land Date Explanation Ref Debit May 31 Balance 14,640 Buildings Date Explanation Ref Debit May 31 Balance 73,200 No. 101 Balance No. 126 Credit Balance No. 130 Credit Balance No. 140 Credit Balance 14,640 No. 141 Credit Balance 73,200 Accumulated Depreciation- Buildings Date Explanation Ref Debit Credit May 31 Adjusting J1 Equipment Date Explanation Ref Debit Credit May 31 Balance 17,040 Accumulated Depreciation- Equipment Date Explanation Ref Debit Credit May 31 Adjusting J1 Notes Payable Date Explanation Ref Debit Credit May 31 Balance Accounts Payable Date Explanation Ref Debit Credit May 31 Balance Unearned Rent Revenue Date Explanation May 31 Balance Ref Debit Credit 3,660 Balance 1,704 48,800 13,648 1,342 No. 142 No. 149 Balance Balance Balance Balance Balance No. 150 No. 200 No. 201 No. 208 Unearned Rent Revenue Explanation Date May 31 Balance May 31 Adjusting Salaries and Wages Payable Ref Debit Credit J1 Date Explanation Ref Debit Credit May 31 Adjusting J1 Interest Payable Date Explanation Ref Debit Credit May 31 Adjusting J1 Common Stock Date Explanation Ref Debit Credit May 31 Balance Rent Revenue Date Explanation Ref Debit Credit May 31 Balance May 31 Adjusting J1 Advertising ExECTSCHECKCHECKED:D:D:D:D:D Date Explanation Ref Debit Credit 1,342 1,342 885 488 42,700 13,990 13,990 Balance Balance Balance Balance Balance No. 208 No. 212 No. 230 No. 311 No. 429 No. 610 Balance Depreciation Expense Date Explanation Ref Debit May 31 Adjusting J1 Supplies Expense Date Explanation Ref Debit May 31 Adjusting J1 Interest Expense Date Explanation Ref Debit May 31 Adjusting J1 Insurance Expense Date Explanation Ref Debit May 31 Adjusting J1 Salaries and Wages Expense 5,364 No. 619 Credit Balance No. 631 Credit Balance 1,631 488 244 Date Explanation May 31 Balance Ref Debit 4,911 May 31 Adjusting J1 4,911 Utilities Expense Date Explanation Ref Debit May 31 Balance 1,098 No. 718 Credit Balance No. 722 Credit Balance No. 726 Credit Balance No. 732 Credit Balance
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