Obj. 2, 3, 4, 5, 6 PR 3-5B Adjusting entries and adjusted trial balances Reece Financial...

  

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Obj. 2, 3, 4, 5, 6 PR 3-5B Adjusting entries and adjusted trial balances Reece Financial Services Co., which specializes in appliance repair services, is owned and oper- ated by Joni Reece. Reece Financial Services' accounting clerk prepared the following unadjusted trial balance at July 31, 2018: Cash. **** Accounts Receivable... Prepaid Insurance Supplies Land ***** ****.. **** Building. Accumulated Depreciation-Building. Equipment... Accumulated Depreciation-Equipment.. ****** Accounts Payable Unearned Rent Common Stock Retained Earnings Dividends ******* ***** **** Reece Financial Services Co. Unadjusted Trial Balance July 31, 2018 ... Fees Earned.. Salaries and Wages Expense.... Utilities Expense Advertising Expense Repairs Expense... Miscellaneous Expense Debit Balances 10,200 34,750 6,000 1,725 50,000 155,750 45,000 8,000 56,850 14,100 7,500 6,100 4,025 400,000 Credit Balances 62,850 17,650 3,750 3,600 60,000 93,550 158,600 400,000 (Continued Chapter 3 The Adjusting Process The data needed to determine year-end adjustments are as follows: Depreciation of building for the year, $6,400. Depreciation of equipment for the year, $2,800. Accrued salaries and wages at July 31, $900. Unexpired insurance at July 31, $1,500. Fees earned but unbilled on July 31, $10,200. Supplies on hand at July 31, $615. Rent unearned at July 31, $300. . . . . . . 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 anm adjusted trial balance. Obj. 2, 3, 4, 5, 6 PR 3-5B Adjusting entries and adjusted trial balances Reece Financial Services Co., which specializes in appliance repair services, is owned and oper- ated by Joni Reece. Reece Financial Services' accounting clerk prepared the following unadjusted trial balance at July 31, 2018: Cash. **** Accounts Receivable... Prepaid Insurance Supplies Land ***** ****.. **** Building. Accumulated Depreciation-Building. Equipment... Accumulated Depreciation-Equipment.. ****** Accounts Payable Unearned Rent Common Stock Retained Earnings Dividends ******* ***** **** Reece Financial Services Co. Unadjusted Trial Balance July 31, 2018 ... Fees Earned.. Salaries and Wages Expense.... Utilities Expense Advertising Expense Repairs Expense... Miscellaneous Expense Debit Balances 10,200 34,750 6,000 1,725 50,000 155,750 45,000 8,000 56,850 14,100 7,500 6,100 4,025 400,000 Credit Balances 62,850 17,650 3,750 3,600 60,000 93,550 158,600 400,000 (Continued Chapter 3 The Adjusting Process The data needed to determine year-end adjustments are as follows: Depreciation of building for the year, $6,400. Depreciation of equipment for the year, $2,800. Accrued salaries and wages at July 31, $900. Unexpired insurance at July 31, $1,500. Fees earned but unbilled on July 31, $10,200. Supplies on hand at July 31, $615. Rent unearned at July 31, $300. . . . . . . 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 anm adjusted trial balance.

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1 Adjusting entries No General journal 1 Depreciation expense 2 Depreciation expense 3 Sa... View the full answer