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PR 3-5B Adjusting entries and adjusted trial balances OBJ. 2, 3, 4, 5, 6 Reece Financial Services Co., which specializes in appliance repair services, is owned and operated by Joni Reece. Reece Financial Services' accounting clerk prepared the following unadjusted trial balance at July 31, 20Y6: Reece Financial Services Co. Unadjusted Trial Balance July 31, 20Y6 Debit Credit Balances Balances Cash......104mm 10,200 Accounts Receivable. 34,750 Prepaid Insurance ....... 6,000 Supplies 1,725 Land ..... 50,000 Building . .... ..f...... 155,750 Accumulated Depreciation-Building......... 62,850 45,000 Accumulated Depreciation-Equipment 17,650 Accounts Payable........ 3,750 Unearned Rent........ 3,600 Joni Reece, Capital .. .. Joni Reece, Drawing ....... ... 153,550 8,000 Fees Earned ......... Salaries and Wages Expense. 158,600 Utilities Expense... 56,850 Advertising Expense ............ 14,100 Repairs Expense ............... 7,500 Miscellaneous Expense .... ........... 6,100 4.025 400,000 400,000Chapter 3 The Adjusting Process 155 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 an adjusted trial balance. DR