Adjusting Entries and Adjusted Trial BalancesPitman Company is a small editorial services company owned and operated by Jan Pitman. On October 31, 2019, the end of the current year, Pitman Company's accounting clerk prepared the following unadjusted trial balance:Pitman CompanyUnadjusted Trial BalanceOctober 31, 2019 DebitBalancesCreditBalancesCash3,780   Accounts Receivable34,300   Prepaid Insurance6,390   Supplies1,740   Land100,860   Building261,900   Accumulated Depreciation—Building  123,240 Equipment121,200   Accumulated Depreciation—Equipment  87,780 Accounts Payable  10,750 Unearned Rent  6,100 Jan Pitman, Capital  277,600 Jan Pitman, Drawing13,370   Fees Earned  290,650 Salaries and Wages Expense173,230   Utilities Expense38,080   Advertising Expense20,350   Repairs Expense15,400   Miscellaneous Expense5,520    796,120 796,120 The data needed to determine year-end adjustments are as follows:Unexpired insurance at October 31, $4,280.Supplies on hand at October 31, $520.Depreciation of building for the year, $2,830.Depreciation of equipment for the year, $2,460.Unearned rent at October 31, $1,590.Accrued salaries and wages at October 31, $2,770.Fees earned but unbilled on October 31, $16,280.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.a.       b.       c.       d.       e.       f.       g.       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.Pitman CompanyAdjusted Trial BalanceOctober 31, 2019 Debit BalancesCredit Balances

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Asked Feb 7, 2020
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Adjusting Entries and Adjusted Trial Balances

Pitman Company is a small editorial services company owned and operated by Jan Pitman. On October 31, 2019, the end of the current year, Pitman Company's accounting clerk prepared the following unadjusted trial balance:

Pitman Company
Unadjusted Trial Balance
October 31, 2019
  Debit
Balances
Credit
Balances
Cash 3,780      
Accounts Receivable 34,300      
Prepaid Insurance 6,390      
Supplies 1,740      
Land 100,860      
Building 261,900      
Accumulated Depreciation—Building     123,240  
Equipment 121,200      
Accumulated Depreciation—Equipment     87,780  
Accounts Payable     10,750  
Unearned Rent     6,100  
Jan Pitman, Capital     277,600  
Jan Pitman, Drawing 13,370      
Fees Earned     290,650  
Salaries and Wages Expense 173,230      
Utilities Expense 38,080      
Advertising Expense 20,350      
Repairs Expense 15,400      
Miscellaneous Expense 5,520      
  796,120   796,120  

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

    • Unexpired insurance at October 31, $4,280.
    • Supplies on hand at October 31, $520.
    • Depreciation of building for the year, $2,830.
    • Depreciation of equipment for the year, $2,460.
    • Unearned rent at October 31, $1,590.
    • Accrued salaries and wages at October 31, $2,770.
    • Fees earned but unbilled on October 31, $16,280.

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.

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

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.

Pitman Company
Adjusted Trial Balance
October 31, 2019
  Debit Balances Credit Balances
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
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Expert Answer

Step 1

1. Record journal entries for year-end adjustments as shown below:

 

Accounting homework question answer, step 1, image 1

Accounting homework question answer, step 1, image 2

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