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:
|Unadjusted Trial Balance|
|October 31, 2019|
|Jan Pitman, Capital||277,600|
|Jan Pitman, Drawing||13,370|
|Salaries and Wages Expense||173,230|
The data needed to determine year-end adjustments are as follows:
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.
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.
|Adjusted Trial Balance|
|October 31, 2019|
|Debit Balances||Credit Balances|
1. Record journal entries for year-end adjustments as shown below:
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