On December 31 2015 the following data were accumulated to
On December 31, 2015, the following data were accumulated to assist the accountant in preparing the adjusting entries for Problem Solved Realty:
a. Fees accrued but unbilled at December 31 are $5,000.
b. The supplies account balance on December 31 is $4,100. The supplies on hand at December 31 are $850.
c. Wages accrued but not paid at December 31 are $1,750.
d. The unearned rent account balance at December 31 is $9,249, representing the receipt of an advance payment on November 1 of three months’ rent from tenants.
e. Depreciation of the equipment is $1,750.
Instructions
1. Journalize the adjusting entries required at December 31, 2015.
2. Journalize the optional reversing entries required at the beginning of the next year.
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