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Pitman Company is a small editorial services company owned and operated by Jan Pit- man. On October 31, 2019 the end of the current year, Pitman Company's accounting clerk prepared the following unadjusted trial balance: Pitman Company Unadjusted Triai Balance October 31, 2019 Debit Credit Balances Balances Cash 7,500 Accounts Receivable. 38,400 Prepaid Insurance Supplies. 7,200 1,980 Land 112,500 Building Accumulated Depreciation-Building Equipment.... . Accumulated Depreciation-Equipment Accounts Payable 300,250 87,550 135,300 97,950 12,150 Unearned Rent... 6,750 Jan Pitman, Capital Jan Pitman, Drawing. 371,000 15,000 Fees Earned.... 324,600 Salaries and Wages Expense.. Utilities Expense Advertising Expense 193,370 42,375 22,800 Repairs Expense.. Miscellaneous Expense 17,250 6,075 900,000 900,000 The data needed to determine year-end adjustments are as follows: Unexpired insurance at October 31, $600. Supplies on hand at October 31, $675. Depreciation of building for the year, $12,000 Depreciation of equipment for the year, $8,600. Unearned rent at October 31, $2,250. Accrued salaries and wages at October 31, $2,800. Fees earned but unbilled on October 31, $10,050. Instructions 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 2. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance

Pitman Company is a small editorial services company owned and operated by Jan Pit- man. On October 31, 2019 the end of the current year, Pitman Company's accounting clerk prepared the following unadjusted trial balance: Pitman Company Unadjusted Triai Balance October 31, 2019 Debit Credit Balances Balances Cash 7,500 Accounts Receivable. 38,400 Prepaid Insurance Supplies. 7,200 1,980 Land 112,500 Building Accumulated Depreciation-Building Equipment.... . Accumulated Depreciation-Equipment Accounts Payable 300,250 87,550 135,300 97,950 12,150 Unearned Rent... 6,750 Jan Pitman, Capital Jan Pitman, Drawing. 371,000 15,000 Fees Earned.... 324,600 Salaries and Wages Expense.. Utilities Expense Advertising Expense 193,370 42,375 22,800 Repairs Expense.. Miscellaneous Expense 17,250 6,075 900,000 900,000 The data needed to determine year-end adjustments are as follows: Unexpired insurance at October 31, $600. Supplies on hand at October 31, $675. Depreciation of building for the year, $12,000 Depreciation of equipment for the year, $8,600. Unearned rent at October 31, $2,250. Accrued salaries and wages at October 31, $2,800. Fees earned but unbilled on October 31, $10,050. Instructions 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 2. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter12: Intangibles
Section: Chapter Questions
Problem 10E: Kling Company was organized in late 2019 and began operations on January 2, 2020. Prior to the start...
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Pitman Company is a small editorial services company owned and operated by Jan Pit- man. On October 31, 2019 the end of the current year, Pitman Company's accounting clerk prepared the following unadjusted trial balance: Pitman Company Unadjusted Triai Balance October 31, 2019 Debit Credit Balances Balances Cash 7,500 Accounts Receivable. 38,400 Prepaid Insurance Supplies. 7,200 1,980 Land 112,500 Building Accumulated Depreciation-Building Equipment.... . Accumulated Depreciation-Equipment Accounts Payable 300,250 87,550 135,300 97,950 12,150
Transcribed Image Text:Pitman Company is a small editorial services company owned and operated by Jan Pit- man. On October 31, 2019 the end of the current year, Pitman Company's accounting clerk prepared the following unadjusted trial balance: Pitman Company Unadjusted Triai Balance October 31, 2019 Debit Credit Balances Balances Cash 7,500 Accounts Receivable. 38,400 Prepaid Insurance Supplies. 7,200 1,980 Land 112,500 Building Accumulated Depreciation-Building Equipment.... . Accumulated Depreciation-Equipment Accounts Payable 300,250 87,550 135,300 97,950 12,150
Unearned Rent... 6,750 Jan Pitman, Capital Jan Pitman, Drawing. 371,000 15,000 Fees Earned.... 324,600 Salaries and Wages Expense.. Utilities Expense Advertising Expense 193,370 42,375 22,800 Repairs Expense.. Miscellaneous Expense 17,250 6,075 900,000 900,000 The data needed to determine year-end adjustments are as follows: Unexpired insurance at October 31, $600. Supplies on hand at October 31, $675. Depreciation of building for the year, $12,000 Depreciation of equipment for the year, $8,600. Unearned rent at October 31, $2,250. Accrued salaries and wages at October 31, $2,800. Fees earned but unbilled on October 31, $10,050. Instructions 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 2. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance
Transcribed Image Text:Unearned Rent... 6,750 Jan Pitman, Capital Jan Pitman, Drawing. 371,000 15,000 Fees Earned.... 324,600 Salaries and Wages Expense.. Utilities Expense Advertising Expense 193,370 42,375 22,800 Repairs Expense.. Miscellaneous Expense 17,250 6,075 900,000 900,000 The data needed to determine year-end adjustments are as follows: Unexpired insurance at October 31, $600. Supplies on hand at October 31, $675. Depreciation of building for the year, $12,000 Depreciation of equipment for the year, $8,600. Unearned rent at October 31, $2,250. Accrued salaries and wages at October 31, $2,800. Fees earned but unbilled on October 31, $10,050. Instructions 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 2. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance
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