Galloway Company is a small editorial services company owned and operated by Fran Briggs. On July 31,

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Galloway Company is a small editorial services company owned and operated by Fran Briggs. On July 31, 2012, the end of the current year, Galloway Company??s accounting clerk prepared the unadjusted trial balance shown on the next page. The data needed to determine year-end adjustments are as follows:a. Unexpired insurance at July 31, $4,800.b. Supplies on hand at July 31, $600.c. Depreciation of building for the year, $3,100.d. Depreciation of equipment for the year, $2,700.

e. Rent unearned at July 31, $1,750.f. Accrued salaries and wages at July 31, $3,000.g. Fees earned but unbilled on July 31, $10,750.

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Instructions1. 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.

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Related Book For  book-img-for-question

Financial and Managerial Accounting Using Excel for Success

ISBN: 978-1111993979

1st edition

Authors: James Reeve, Carl S. Warren, Jonathan Duchac

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