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Reece Financial Services Co., which specializes in appliance repair services, is owned and operated by Joni Reece. Reece Financie balance at July 31, 20Y9: Reece Financial Services Co. Unadjusted Trial Balance July 31, 20v9 Debit Credit Balances Balances Cash Accounts Receivable 4,370 39,680 Prepaid Insurance 7,400 Supplies Land Building Accumulated Depreciation-Building Equipment Accumulated Depreciation-Equipment Accounts Poyable Unearned Rent 2,020 116,690 210,550 142,590 140,230 101,560 12,440 7,060 Common Stock 80,000 Retained Earnings Dividends Fees Earned 148,700 15,470 336,290 Salaries and Wages Expense 200,430 Utilities Expense Advertising Expense Repairs Expense 44,050 23,540 17,820 Miscellaneous Expense 6,390 828,640 828,640 MIscellaneous Expense 6,390 828,640 828,640 The data needed to determine year-end adjustments are as follows: • Depreciation of building for the year, $3,280. • Depreciation of equipment for the year, $2,840. • Accrued salaries and wages at July 31, $3,210. • Unexpired insurance at July 31, $4,960. • Fees earned but unbilled on July 31, $18,830. • Supplies on hand at July 31, $610. • Rent unearned at July 31, $1,840. Required: 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. If an amount box does not require an entry, leave it blank. July 31 31 31 31 31 31 31 31 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 blank. Reece Financial Services Co. Adjusted Trial Balance July 31, 20Y9 Debit Balances Credit Balances Totals 10111111 Reece Financial Services Co., which specializes in appliance repair services, is owned and operated by Joni Reece. Reece Financie balance at July 31, 20Y9: Reece Financial Services Co. Unadjusted Trial Balance July 31, 20v9 Debit Credit Balances Balances Cash Accounts Receivable 4,370 39,680 Prepaid Insurance 7,400 Supplies Land Building Accumulated Depreciation-Building Equipment Accumulated Depreciation-Equipment Accounts Poyable Unearned Rent 2,020 116,690 210,550 142,590 140,230 101,560 12,440 7,060 Common Stock 80,000 Retained Earnings Dividends Fees Earned 148,700 15,470 336,290 Salaries and Wages Expense 200,430 Utilities Expense Advertising Expense Repairs Expense 44,050 23,540 17,820 Miscellaneous Expense 6,390 828,640 828,640 MIscellaneous Expense 6,390 828,640 828,640 The data needed to determine year-end adjustments are as follows: • Depreciation of building for the year, $3,280. • Depreciation of equipment for the year, $2,840. • Accrued salaries and wages at July 31, $3,210. • Unexpired insurance at July 31, $4,960. • Fees earned but unbilled on July 31, $18,830. • Supplies on hand at July 31, $610. • Rent unearned at July 31, $1,840. Required: 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. If an amount box does not require an entry, leave it blank. July 31 31 31 31 31 31 31 31 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 blank. Reece Financial Services Co. Adjusted Trial Balance July 31, 20Y9 Debit Balances Credit Balances Totals 10111111
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journal entry Date Account title Debit Credit July 31 Depreciation Expense Building 3280 To Accumula... View the full answer
Related Book For
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
Posted Date:
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