USSUOI ZOLL - X Dena table isi More info - Xents fo th ee Lexington Inn Company Unadjusted Trial Balance December 31, 2016 Balance line of Adjustment data at December 31 follow. a. As of December 31, Lexington had $300 of Prepaid Insurance remaining. b. At the end of the month, Lexington had $200 of office supplies remaining. C. Depreciation on the building is $2,600. d. Lexington pays its employees weekly on Friday. Its employees earn $2,600 for a five-day workweek. December 31 falls on Wednesday this year. e. On November 20, Lexington contracted to perform services for a client receiving $2,400 in advance. Lexington recorded this receipt of cash as Unearned Revenue. As of December 31, Lexington has $800 still unearned. Account Title Debit Credit Cash 11,800 Accounts Receivable 16.400 Prepaid Insurance 1,500 Office Supplies 1.700 Building 415.000 S 215,000 Print Done Accumulated Depreciation Building Accounts Payable Salaries Payable 1.710 Dhade man Accounts and Explanation Debit Credit S 215,000 Accumulated DepreciationBuilding Accounts Payable 1,710 Salaries Payable Unearned Revenue 2,400 Calamia, Capital 216.040 Calamia Withdrawals 2.340 Service Revenue 17.100 Salaries Expense 2.800 Insurance Expense Depreciation Expense-Building Advertising Expense Supplies Expense 5 452.250 S 452.250 Total a. As of December 31, Lexington had $300 of Prepaid Insurance remaining Date Accounts and Explanation Debit Credit (a) Dec. 31 Insurance Expense 300 Prepaid Insurance 300 To record insurance expense. b. At the end of the month, Lexington had $200 of office supplies remaining. Date Accounts and Explanation Debit Credit 200 (b) Dec. 31 Supplies Expense Office Supplies 200 To record office supplies used the hudha CCM c. Depreciation on the building is $2,600. Date Accounts and Explanation Debit Credit (c) Dec. 31 2600 Depreciation Expense-Building Accumulated DepreciationBuilding 2600 To record depreciation on building. d. Lexington pays its employees weekly on Friday. Its employees earn $2,600 for a five-day workweek. December 31 falls on Wednesday this year Date Accounts and Explanation Debit Credit (d) Dec 31 520 Salaries Expense Salaries Payable 520 To accrue salanes expense e. On November 20, Lexington contracted to perform services for a client receiving $2,400 in advance. Lexington recorded this receipt of cash as Unearned Revenue. As of December 31, Lexington has $800 still uneamed Date Accounts and Explanation Debit Credit (e) Dec. 31 Unearned Revenue 800 Service Revenue 800 To accrue service revenue. Requirement 2. The four-column ledger accounts have been opened for you using the unadjusted trial balance. Post the adjusting entries to the ledger accounts. a. As of December 31, Lexington had $300 of Prepaid Insurance remaining Review the journal entry you prepared in Requirement 1. PREPAID INSURANCE Balance Date Item Post. Ref. Debit Credit Debit Credit 2016 Dec. 31 Balance N 1,500 Dec. 31 (a) INSURANCE EXPENSE Balance Date Item Post. Ref. Debit Credit Debit Credit 2016 Dec. 31 Balance 0 Dec. 31 (a) 300 At theft act b. At the end of the month, Lexington had $200 of office supplies remaining. Review the journal entry you prepared in Requirement 1 OFFICE SUPPLIES Balance Date Item Post. Ref. Debit Credit Debit Credit 2016 Dec. 31 Balance 1,700 Dec. 31 (b) 200 SUPPLIES EXPENSE Balance Date Item Post. Ref. Debit Credit Debit Credit SUPPLIES EXPENSE Balance Date Item Post. Ref. Debit Credit Debit Credit 2016 Dec. 31 Balance 0 Dec. 31 (b) 200 c. Depreciation on the building is $2,600. Review the journal entry you prepared in Requirement 1. ACCUMULATED DEPRECIATIONBUILDING Balance Date Item Post. Ref. Debit Credit Debit Credit c. Depreciation on the building is $2,600. Review the joumal entry you prepared in Requirement 1. ACCUMULATED DEPRECIATIONBUILDING Balance Date Item Post. Ref. Debit Credit Debit Credit 2016 Dec. 31 Balance 215.000 Dec. 31 (c 2600 DEPRECIATION EXPENSE-BUILDING Balance Date Item Post. Ref. Debit Credit Debit Credit Dec. 31 (c) 2600 DEPRECIATION EXPENSE-BUILDING Balance Date Item Post. Ref. Debit Credit Debit Credit 2016 Dec. 31 Balance Dec. 31 (c) 2600 d. Lexington pays its employees on Friday for the weekly salaries. Its employees earn $2,600 for a five-day workweek. December 31 falls on Wednesday this year. w Review the journal entry you prepared in Requirement 1. SALARIES PAYABLE Balance d. Lexington pays its employees on Friday for the weekly salaries. Its employees earn $2,600 for a five-day workweek. December 31 falls on Wednesday this year. Review the joumal entry you prepared in Requirement 1 SALARIES PAYABLE Balance Date Item Post. Ref. Debit Credit Debit Credit 2016 Dec. 31 Balance 0 Dec. 31 (d) 520 SALARIES EXPENSE Balance Date Item Post. Ref. Debit Credit Debit Credit ORLAILLAELNOL Balance Date Item Post. Ref. Debit Credit Debit Credit 2016 Dec. 31 Balance 2 800 Dec. 31 (d) 520 e. On November 20, Lexington contracted to perform services for a client receiving $2 400 in advance Lexington recorded this receipt of cash as Unearned Revenue. As of December 31, Lexington has $800 still uneared Review the journal entry you prepared in Requirement 1 I UNEARNED REVENUE Balance Date Item Post. Ref. Debit Credit Debit Credit 2016 v H UNEARNED REVENUE Balance Date Item Post. Ref. Debit Credit Debit Credit 2016 Dec. 31 Balance 2.400 Dec. 31 (e) 800 SERVICE REVENUE Balance ho Date Item Post. Ref. Debit Credit Debit Credit 2016 Dec. 31 Balance 17.100 The unadjusted trial balance of Lexington Inn Company at December 31, 2016, and the data needed for the adjustments follow. (Click the icon to view the unadjusted trial balance.) i (Click the icon to view the adjustment data.) Read the requirements. FREE Balance Date Item Post. Ref. Debit Credit Debit Credit 2016 Dec. 31 Balance 17,100 Dec. 31 (e) 800 nyum in Company at December 31, 2016, and the data n- (Click the icon to view the unadjusted trial balance.) i (Click the icon to view the adjus Read the requirements. Requirement 3. Prepare the adjusted trial balance. Review the ledger accounts. Lexington Inn Company Adjusted Trial Balance December 31, 2016 Balance Account Title Debit Credit Cash Accounts Receivable Prepaid Insurance Office Supplies Building Accumulated Denreriation- -Buildina Read the requirements. Building Accumulated DepreciationBuilding Accounts Payable Salaries Payable Unearned Revenue Calamia, Capital Calamia, Withdrawals Service Revenue Salaries Expense Insurance Expense Depreciation Expense-Building Advertising Expense dland, Lapildi Calamia, Withdrawals Service Revenue Salaries Expense Insurance Expense Depreciation Expense Building Advertising Expense Supplies Expense Total Requirement 4. Assuming the adjusted trial balance total debits equals total credits, does this mean that the adjusting entries have been recorded correctly? Explain. An adjusting entry recorded for the incorrect amount the debit and the credit amount is the same