Journalize the entries to reverse the accounts at January 1. (Hint: One of the accounts was affected by two different adjusting entries). UnadjustedTrial BalanceAdjustedTrial Balance DebitBalancesCredit BalancesDebitBalancesCredit BalancesCash5,000 5,000 Accounts Receivable32,000 32,600 Supplies3,600 100 Prepaid Insurance4,000 1,400 Equipment11,000 11,000 Accumulated Depreciation 1,700Wages Payable 2,000Unearned Fees 8,900 3,500Ann Cole, Capital 22,000 22,000Fees Earned 69,000 75,000Wages Expense44,300 46,300 Supplies Expense 3,500 Insurance Expense 2,600 Depreciation Expense 1,700 Total99,90099,900104,200104,200

Reversing journal entries refers to the entries that are made toward the start of a bookkeeping…

Answered: Journalize the entries to reverse the…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 11EB: Prepare adjusting journal entries, as needed, considering the account balances excerpted from the...

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Journalize the entries to reverse the accounts at January 1. (Hint: One of the accounts was affected by two different adjusting entries).

	Unadjusted Trial Balance	Adjusted Trial Balance
	Debit Balances	Credit Balances	Debit Balances	Credit Balances
Cash	5,000		5,000
Accounts Receivable	32,000		32,600
Supplies	3,600		100
Prepaid Insurance	4,000		1,400
Equipment	11,000		11,000
Accumulated Depreciation				1,700
Wages Payable				2,000
Unearned Fees		8,900		3,500
Ann Cole, Capital		22,000		22,000
Fees Earned		69,000		75,000
Wages Expense	44,300		46,300
Supplies Expense			3,500
Insurance Expense			2,600
Depreciation Expense			1,700
Total	99,900	99,900	104,200	104,200

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