Greco Service Co., which specializes in appliance repair services, is owned and operated by Curtis Loomis. Greco Service Co.’s accounting clerk prepared the following trial balance at December 31, 2006:

The data needed to determine year-end adjustments are as follows:
a. Depreciation of building for the year, $3,600.
b. Depreciation of equipment for the year, $2,400.
c. Accrued salaries and wages at December 31, $2,170.
d. Unexpired insurance at December 31, $3,500.
e. Fees earned but unbilled on December 31, $4,350.
f. Supplies on hand at December 31, $375.
g. Rent unearned at December 31, $2,800.

Instructions
1. Journalize the adjusting entries. Add additional accounts as needed.
2. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trialbalance.

Transcribed Image Text:

Greco Service Co. Trial Balance December 31, 2006 4,200 Accounts Receivable . 20,600 6,000 1,450 75,700 35,300 7,500 7,200 157,100 Fees Earned ....___....__... . __ . ..__. ._. . 257,200 .28,200 540,000 540,000