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The data needed to determine year-end adjustments are as follows: a. Unexpired insurance at October 31, $6,105. b. Supplies on hand at October 31, $485.
The data needed to determine year-end adjustments are as follows:
a. | Unexpired insurance at October 31, $6,105. |
b. | Supplies on hand at October 31, $485. |
c. | Depreciation of building for the year, $7,140. |
d. | Depreciation of equipment for the year, $4,445. |
e. | Unearned rent at October 31, $1,890. |
f. | Accrued salaries and wages at October 31, $3,330. |
g. | Fees earned but unbilled on October 31, $11,475. |
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. Refer to the Chart of Accounts for exact wording of account titles. |
2. | Determine the balances of the accounts affected by the adjusting entries, and prepare an adjusted trial balance. |
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