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Required: 1. Journaize the adusting artries using the following adalonal accounts Salaries and Wages Payable: Rent Revenue Insurance Expense; Depreciation Excene-Building Depreciation Expense-Equiment and Supplies Expense. Refer to the Chart of Accouts for exact wording of accounties 2 Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance , Chart of Accounts CHART OF ACCOUNTS Sears Editing Company General Ledger ASSETS 11 Cash REVENUE 41 Fees Earned 42 Rent Revenue 12 Accounts Recevable 13 Prepaid insurance 14 Suppies 15 Land EXPENSES 51 Salaries and Wages Expense 52 Ulirties Expense 16 Building 17 Accumulated Depreciation-Building 18 Equipment 19 Accumulated Depreciation Equipment 53 Advertising Expense 54 Repairs Expense 55 Depreciation Expense-Building 56 Depreciation Expense-Equipment 57 Insurance Expense 58 Supplies Expense 59 Miscellaneous Expense LIABILITIES 21 Accounts Payable 22 Uneamed Rent 23 Salaries and Wages Payable EQUITY 31 Common Stook 32 Retained Earnings 33 Dividends Journal 1. Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable: Rent Revenue Insurance Expense, Depression Expense-Buiting Depreciation Expense Equipment and Supplies Expense. Refer to the Chart Accounts for exact wording of accountles. PAGE 10 JOURNAL ACCOUNTING EQUATION DAT! DESCRIPTON POST RAF DET CREDIT ASSETS LIARIMES EQUITY 1 Adjusting Entries 3 3 1 4 5 7 7 1 + 10 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 ACCOUNT TITLE DEBIT CREDIT Cash Accounts Receivable 1 Prepaid Insurance + Supplies Land * Building Accumulated DepreciationBuilding 1 Equipment Accumulated Depreciation Equipment Accounts Payable 11 Unearned Rent - Salaries and Wages Payable : Common Stock + Retained Earnings 15 Dividends Fees Eamed Rent Revenue Salaries and Wages Expense 9 Usaties Expense a Advertising Expense 2: Repairs Expense 22 Depreciation Expense-Bulding 21 Depreciation Expense-Equipment 24 Insurance Expense 25 Supplies Expense 24 Miscellaneous Expense 27 Totals 4. EX.04.14 Identifying Accounts to be closed From the following list, identify the accounts that should closed to retained Earnings at the end of the fiscal year. a. Accounts Payable c. Amount of net income for Odober. $ 5. Determine the increase or decrease in seined camisas for October . IS 3. PR.03.05A.BLANKSHEET ALGO (Algorithmic) Adjusting entries and adjusted trial balanses Instructions Sears Editing Company is a small editorial services company owned and operated by Delor's Sears. On January 31, 2001, the end of the current year. Sears Editing Company's accounting clerk prepared the following unagusled trial balance. Sears Editing Company UNADJUSTED TRIAL BALANCE January 31, 2011 ACCOUNT TITLE CREDIT DEBIT 713500 1 Cash 2 Accounts Receivable 37,950.00 7.045.00 3 Prepaid Insurance 1,895.00 Supplies 5 Land 116,150.00 14875000 58.280.00 Building ? Accumulated Depreciation Building Equipment Accumulated Depreciation Equipment e Accounts Payable 133,80000 97280.00 12 145.00 6970.00 1 Unearned Rent 74735.00 12 Common Stock 13 Retained Earnings 147950.00 + Dividends 15,50000 15 Fees Eamed 320650.00 14 Salaries and Wages Expense 17 Uities Expense 190,770.00 42,73000 22,595.00 Advertising Expense 19 Repairs Expense 20 Miscellaneous Expense 17.42000 6,470.00 23 Totals 748,010,00 748 010.00 The data needed to determine year-end adjustments are as follows a Unexpired insurance January 31, S6,080 b. Supples on hand January 31, 9470 . c. Decreciation of building for the year, 57.245. d. Depreciation of equipment for the year, S4,140 e Ront uneared at January 31, 81,200 . Accrued salaries and wages at January 31, 53,560. 9. Fees earned but unbiled on January 31, $11.125
