Homework Help is Here – Start Your Trial Now!
Business
Accounting
ash. accounts Receivable. supplies.. repaid Insurance. Office Equipment.. Accounts Payable.. Unearned Revenue.. Peyton Smith, Capital.. Peyton Smith, Drawing. Fors Earned. July Account No. 11 12 14 15 17 21 23 31 32 41 50 51 Debit Credit Balances Balances 9,945 2.750 1,020 2,700 7,500 1,750 2,800 2.550 8,350 7,200 9,000 16,200

ash. accounts Receivable. supplies.. repaid Insurance. Office Equipment.. Accounts Payable.. Unearned Revenue.. Peyton Smith, Capital.. Peyton Smith, Drawing. Fors Earned. July Account No. 11 12 14 15 17 21 23 31 32 41 50 51 Debit Credit Balances Balances 9,945 2.750 1,020 2,700 7,500 1,750 2,800 2.550 8,350 7,200 9,000 16,200

Accounting
Accounting
27th Edition
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Chapter4: Completing The Accounting Cycle
Section: Chapter Questions
Problem 4.24EX: Adjustment data on an end-of-period spreadsheet Alert Security Services Co. offers security services...
See similar textbooks
icon
Related questions
Question
Please help me
156 Chapter 3 The Adjusting Process Continuing Problem 3. Total of Debit column: $42.340 The unadjusted trial balance that you prepared for PS Music at the end of Chapter 2 should appear as follows: Cash. Accounts Receivable. Supplies. Prepaid Insurance. Office Equipment. Accounts Payable. Unearned Revenue Peyton Smith, Capital. Peyton Smith, Drawing. Fees Earned. Wages Expense... Office Rent Expense. Equipment Rent Expense. Utilities Expense.. Music Expense... Advertising Expense... Supplies Expense. Miscellaneous Expense.. PS Music Unadjusted Trial Balance July 31, 2019 Account No. 11 12 14 15 17 22 Wages Payable 57 Insurance Expense 21 23 31 32 41 50 51 52 53 54 55 56 59 Debit Balances 9,945 2,750 1,020 2,700 7,500 1,750 Credit Balances 2,800 2.550 1,375 1,215 3,610 1,500 180 1.855 40,750 8,350 7,200 9,000 16.200 The data needed to determine adjustments are as follows: • During July, PS Music provided guest disc jockeys for KXMD for a total of 115 hours For information on the amount of the accrued revenue to be billed to KXMD, see the contract described in the July 3 transaction at the end of Chapter 2. 40.750 • Supplies on hand at July 31, $275. • The balance of the prepaid insurance account relates to the July 1 transaction in Chapter 2 Depreciation of the office equipment is $50. The balance of the unearned revenue account relates to the contract between PS Music and KXMD, described in the July 3 transaction in Chapter 2. • Accrued wages as of July 31 were $140. Instructions 1. Prepare adjusting journal entries. You will need the following additional accounts: 18 Accumulated Depreciation Office Equipment 58 Depreciation Expense 2. Post the adjusting entries, inserting balances in the accounts affected. 3. Prepare an adjusted trial balance.
Transcribed Image Text:156 Chapter 3 The Adjusting Process Continuing Problem 3. Total of Debit column: $42.340 The unadjusted trial balance that you prepared for PS Music at the end of Chapter 2 should appear as follows: Cash. Accounts Receivable. Supplies. Prepaid Insurance. Office Equipment. Accounts Payable. Unearned Revenue Peyton Smith, Capital. Peyton Smith, Drawing. Fees Earned. Wages Expense... Office Rent Expense. Equipment Rent Expense. Utilities Expense.. Music Expense... Advertising Expense... Supplies Expense. Miscellaneous Expense.. PS Music Unadjusted Trial Balance July 31, 2019 Account No. 11 12 14 15 17 22 Wages Payable 57 Insurance Expense 21 23 31 32 41 50 51 52 53 54 55 56 59 Debit Balances 9,945 2,750 1,020 2,700 7,500 1,750 Credit Balances 2,800 2.550 1,375 1,215 3,610 1,500 180 1.855 40,750 8,350 7,200 9,000 16.200 The data needed to determine adjustments are as follows: • During July, PS Music provided guest disc jockeys for KXMD for a total of 115 hours For information on the amount of the accrued revenue to be billed to KXMD, see the contract described in the July 3 transaction at the end of Chapter 2. 40.750 • Supplies on hand at July 31, $275. • The balance of the prepaid insurance account relates to the July 1 transaction in Chapter 2 Depreciation of the office equipment is $50. The balance of the unearned revenue account relates to the contract between PS Music and KXMD, described in the July 3 transaction in Chapter 2. • Accrued wages as of July 31 were $140. Instructions 1. Prepare adjusting journal entries. You will need the following additional accounts: 18 Accumulated Depreciation Office Equipment 58 Depreciation Expense 2. Post the adjusting entries, inserting balances in the accounts affected. 3. Prepare an adjusted trial balance.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Double entry bookkeeping system
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Corporate Financial Accounting
Corporate Financial Accounting
Accounting
ISBN:
9781305653535
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial & Managerial Accounting
Financial & Managerial Accounting
Accounting
ISBN:
9781337119207
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial & Managerial Accounting
Financial & Managerial Accounting
Accounting
ISBN:
9781285866307
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Corporate Financial Accounting
Corporate Financial Accounting
Accounting
ISBN:
9781337398169
Author:
Carl Warren, Jeff Jones
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS