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PR 3-5A Adjusting entries and adjusted trial balances Sears Editing Company is a small editorial services company owned and operated by Deloris Sears, On January 31, 20Y1, the end of the current year, Sears Editing Company's accounting clerk prepared the following unadjusted trial balance: Obj. 2, 3, 4, 5, 6 Sears Editing Company Unadjusted Trilal Balance January 31, 20Y1 Debit Credit Balances Balances Cash 7,500 ........ Accounts Receivable. 38,400 7,200 1,980 112,500 150,250 ...... Prepaid Insurance Supplies. Land ....... ....... .... Building. Accumulated Depreciation-Building. Equipment.... Accumulated Depreciation-Equipment. Accounts Payable Unearned Rent.... .... 87,550 .... 135,300 .... 97,950 .... 12,150 6,750 Common Stock 75,000 146,000 Retained Earnings Dividends 15,000 Fees Earned. 324,600 Salaries and Wages Expense.. 193,370 42,375 Utilities Expense Advertising Expense.. Repairs Expense.. Miscellaneous Expense 22,800 17,250 6,075 750,000 750,000 The data needed to determine year-end adjustments are as follows: Unexpired insurance at January 31, $2,400. Supplies on hand at January 31, $250. Depreciation of building for the year, $6,600. Depreciation of equipment for the year, $3,500. Rent unearned at January 31, $2,750. Accrued salaries and wages at January 31, $1,800. Fees earned but unbilled on January 31, $15,000. 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 as adjusted trial balance.

PR 3-5A Adjusting entries and adjusted trial balances Sears Editing Company is a small editorial services company owned and operated by Deloris Sears, On January 31, 20Y1, the end of the current year, Sears Editing Company's accounting clerk prepared the following unadjusted trial balance: Obj. 2, 3, 4, 5, 6 Sears Editing Company Unadjusted Trilal Balance January 31, 20Y1 Debit Credit Balances Balances Cash 7,500 ........ Accounts Receivable. 38,400 7,200 1,980 112,500 150,250 ...... Prepaid Insurance Supplies. Land ....... ....... .... Building. Accumulated Depreciation-Building. Equipment.... Accumulated Depreciation-Equipment. Accounts Payable Unearned Rent.... .... 87,550 .... 135,300 .... 97,950 .... 12,150 6,750 Common Stock 75,000 146,000 Retained Earnings Dividends 15,000 Fees Earned. 324,600 Salaries and Wages Expense.. 193,370 42,375 Utilities Expense Advertising Expense.. Repairs Expense.. Miscellaneous Expense 22,800 17,250 6,075 750,000 750,000 The data needed to determine year-end adjustments are as follows: Unexpired insurance at January 31, $2,400. Supplies on hand at January 31, $250. Depreciation of building for the year, $6,600. Depreciation of equipment for the year, $3,500. Rent unearned at January 31, $2,750. Accrued salaries and wages at January 31, $1,800. Fees earned but unbilled on January 31, $15,000. 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 as adjusted trial balance.

Corporate Financial Accounting
Corporate Financial Accounting
15th Edition
ISBN:9781337398169
Author:Carl Warren, Jeff Jones
Publisher:Carl Warren, Jeff Jones
Chapter3: The Adjusting Process
Section: Chapter Questions
Problem 3.5BPR: Adjusting entries and adjusted trial balances Reece Financial Services Co., which specializes in...
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Chapter 3 The Adjusting Process 147 PR 3-5A Adjusting entries and adjusted trial balances Sears Editing Company is a small editorial services company owned and operated by Deloris Sears. On January 31, 20Y1, the end of the current year, Sears Editing Company's accounting clerk prepared the following unadjusted trial balance: Obj. 2, 3, 4, 5, 6 V2. Total of Debit column: $776,900 Sears Editing Company Unadjusted Trial Balance January 31, 20Y1 EXCR TEMPLATE Debit Credit Balances Balances Cash 7,500 38,400 Accounts Receivable. Prepaid Insurance Supplies. Land 7,200 1,980 112,500 150,250 Building Accumulated Depreciation-Building. 87,550 Equipment.... Accumulated Depreciation-Equipment Accounts Payable Unearned Rent.. 135,300 97,950 12,150 6,750 75,000 146,000 Common Stock Retained Earnings Dividends 15,000 Fees Earned.. 324,600 Salaries and Wages Expense. Utilities Expense 193,370 42,375 Advertising Expense. Repairs Expense.. Miscellaneous Expense 22,800 17,250 6,075 750,000 750,000 The data needed to determine year-end adjustments are as follows: Unexpired insurance at January 31, $2,400. Supplies on hand at January 31, $250. Depreciation of building for the year, $6,600. Depreciation of equipment for the year, $3,500. Rent unearned at January 31, $2,750. Accrued salaries and wages at January 31, $1,800. Fees earned but unbilled on January 31, $15,000. nstructions 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:Chapter 3 The Adjusting Process 147 PR 3-5A Adjusting entries and adjusted trial balances Sears Editing Company is a small editorial services company owned and operated by Deloris Sears. On January 31, 20Y1, the end of the current year, Sears Editing Company's accounting clerk prepared the following unadjusted trial balance: Obj. 2, 3, 4, 5, 6 V2. Total of Debit column: $776,900 Sears Editing Company Unadjusted Trial Balance January 31, 20Y1 EXCR TEMPLATE Debit Credit Balances Balances Cash 7,500 38,400 Accounts Receivable. Prepaid Insurance Supplies. Land 7,200 1,980 112,500 150,250 Building Accumulated Depreciation-Building. 87,550 Equipment.... Accumulated Depreciation-Equipment Accounts Payable Unearned Rent.. 135,300 97,950 12,150 6,750 75,000 146,000 Common Stock Retained Earnings Dividends 15,000 Fees Earned.. 324,600 Salaries and Wages Expense. Utilities Expense 193,370 42,375 Advertising Expense. Repairs Expense.. Miscellaneous Expense 22,800 17,250 6,075 750,000 750,000 The data needed to determine year-end adjustments are as follows: Unexpired insurance at January 31, $2,400. Supplies on hand at January 31, $250. Depreciation of building for the year, $6,600. Depreciation of equipment for the year, $3,500. Rent unearned at January 31, $2,750. Accrued salaries and wages at January 31, $1,800. Fees earned but unbilled on January 31, $15,000. nstructions 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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