h1 Reece Financial Services Co., which specializes in appliance repair services, is owned andoperated by Joni Reece. Reece Financial Services' accounting clerk prepared the followingunadjusted trial balance at July 31, 20Y9: Reece Financial Services Co. Unadjusted TrialBalance July 31, 20Y9 Debit Balances Credit Balances Cash 3,710 Accounts Receivable 33,690Prepaid Insurance 6, 280 Supplies 1,710 Land 99, 070 Building 178, 700 AccumulatedDepreciation Building 121, 050 Equipment 119, 050 Accumulated Depreciation-Equipment86,220 Accounts Payable 10, 560 Unearned Rent 6,000 Common Stock 80,000 RetainedEarnings 114, 100 Dividends 13, 130 Fees Earned 285, 490 Salaries and Wages Expense170, 150 Utilities Expense 37, 400 Advertising Expense 19,980 Repairs Expense 15, 130Miscellaneous Expense 5, 420 703, 420 703, 420 The data needed to determine year - endadjustments are as follows: Depreciation of building for the year, $2,780. Depreciation ofequipment for the year, $2,410. Accrued salaries and wages at July 31, $2,720. Unexpiredinsurance at July 31, $4,210. Fees earned but unbilled on July 31, $15,990. Supplies onhand at July 31, $510. Rent unearned at July 31, $1,560.

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Description: h1 Reece Financial Services Co., which specializes in appliance repair services, is owned andoperated by Joni Reece. Reece Financial Services' accounting clerk prepared the followingunadjusted trial balance at July 31, 20Y9: Reece Financial Services

Adjusting entry is a journal entry to record an unrecognized revenue or expense for a given period.

Answered: 31, 20Y9 Debit Balances Credit Balances…

Business

Accounting

31, 20Y9 Debit Balances Credit Balances Cash 3, 710 Acco ance 6. 280 Supplies 1.710 Land 99,070 Building 178.700

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter22: End-of-fiscal-period Work For A Corporation

Section: Chapter Questions

Problem 1CP

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