Rowland Company is a small editorial services company owned and operated by Marlene Rowland. On August 31, 2018, the end of the current year, Rowland Company's accounting clerk prepared the following unadjusted trial balance:

The data needed to determine year-end adjustments are as follows: Unexpired insurance at August 31, $6,000. Supplies on hand at August 31, $480. Depreciation of building for the year, $7,500. Depreciation of equipment for the year, $4,150. Rent unearned at August 31, $1,550. Accrued salaries and wages at August 31, $3,200. Fees earned but unbilled on August 31, $11,330.
Instructions
1. Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable; Rent Revenue; Insurance Expense; Depreciation Expense-Building; Depreciation Expense-Equipment; and Supplies Expense.
2. Determine the balances of the accounts affected by the adjusting entries, and prepare an adjusted trial balance.

Transcribed Image Text:

Rowland Company Unadjusted Trial Balance August 31,2018 Debit Balances Balances Credit Cash 7,500 7,200 1,980 Supplies 87,550 Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Rent.... 135,300 97,950 12,150 6,750 75,000 146,000 Retained Earnings Dividends . .. 15,000 324,600 22,800 Repairs Expense Miscellaneous Expense . 6.075 750,000 750,000