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Adjusting Entries and Adjusted Trial Balances

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

Rowland Company
Unadjusted Trial Balance
August 31, 2018
	Debit Balances		Credit Balances
Cash	5,000
Accounts Receivable	45,420
Prepaid Insurance	8,470
Supplies	2,310
Land	133,560
Building	240,920
Accumulated DepreciationBuilding			163,190
Equipment	160,500
Accumulated DepreciationEquipment			116,240
Accounts Payable			14,240
Unearned Rent			8,080
Common Stock			80,000
Retained Earnings			181,700
Dividends	17,700
Fees Earned			384,890
Salaries and Wages Expense	229,390
Utilities Expense	50,420
Advertising Expense	26,940
Repairs Expense	20,400
Miscellaneous Expense	7,310
	948,340		948,340

The data needed to determine year-end adjustments are as follows:

Required:

Unexpired insurance at August 31, $5,670.

Supplies on hand at August 31, $690.

Depreciation of building for the year, $3,750.

Depreciation of equipment for the year, $3,250.

Rent unearned at August 31, $2,100.

Accrued salaries and wages at August 31, $3,670.

Fees earned but unbilled on August 31, $21,550.

1. Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable; Rent Revenue; Insurance Expense; Depreciation ExpenseBuilding; Depreciation ExpenseEquipment; and Supplies Expense.

a.
b.
c.
d.
e.
f.
g.

2. Determine the balances of the accounts affected by the adjusting entries, and prepare an adjusted trial balance. If an amount box does not require an entry, leave it blank.

Rowland Company
Adjusted Trial Balance
August 31, 2018
	Debit Balances	Credit Balances
Totals