Required: 1. Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable, Rent...

   

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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. Refer to the Chart of Accounts for exact wording of account titles. 2. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance. Cash Accounts Receivable Prepaid Insurance Supplies Land Accounts Payable Uneamed Rent Pitman Company UNADJUSTED TRIAL BALANCE October 31, 2019 ACCOUNT TITLE Building Accumulated Depreciation Building Equipment Accumulated Depreciation Equipment Jan Pitman, Capital 3 Jan Pitman, Drawing Fees Earned Salaries and Wages Expense Utilities Expense Advertising Expense DEBIT 7,710.00 37,935.00 7,070.00 2,125.00 108,400.00 145,300.00 134,800.00 15,120.00 196,770.00 42,265.00 25,135.00 13405.00 CREDIT 85,610.00 96,100.00 12,625.00 6,340.00 219,690.00 323,700.00 Repairs Expense Miscellaneous Expense Totals 17,195.00 6,240.00 744,065,00 744,065.00 The data needed to determine year-end adjustments are as follows: a. Unexpired insurance at October 31, $6,105. b. Supplies on hand at October 31, $485. c. Depreciation of building for the year, $7,140. d. Depreciation of equipment for the year, $4,445. e. Unearned rent at October 31, $1,890. 1. Accrued salaries and wages at October 31, $3,330. g. Fees earned but unbilled on October 31, $11,475. 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. Refer to the Chart of Accounts for exact wording of account titles. 2. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance. Cash Accounts Receivable Prepaid Insurance Supplies Land Accounts Payable Uneamed Rent Pitman Company UNADJUSTED TRIAL BALANCE October 31, 2019 ACCOUNT TITLE Building Accumulated Depreciation Building Equipment Accumulated Depreciation Equipment Jan Pitman, Capital 3 Jan Pitman, Drawing Fees Earned Salaries and Wages Expense Utilities Expense Advertising Expense DEBIT 7,710.00 37,935.00 7,070.00 2,125.00 108,400.00 145,300.00 134,800.00 15,120.00 196,770.00 42,265.00 25,135.00 13405.00 CREDIT 85,610.00 96,100.00 12,625.00 6,340.00 219,690.00 323,700.00 Repairs Expense Miscellaneous Expense Totals 17,195.00 6,240.00 744,065,00 744,065.00 The data needed to determine year-end adjustments are as follows: a. Unexpired insurance at October 31, $6,105. b. Supplies on hand at October 31, $485. c. Depreciation of building for the year, $7,140. d. Depreciation of equipment for the year, $4,445. e. Unearned rent at October 31, $1,890. 1. Accrued salaries and wages at October 31, $3,330. g. Fees earned but unbilled on October 31, $11,475.

Answer rating: 100% (QA)

1 Adjusting Entries No Date Account Title and Explanation Debit Credit a 31Oct Insurance Expense 707... View the full answer