PR 3-5A Adjusting entries and adjusted trial balancesRowland Company is a small editorial services company owned and operated by MarleneRowland, On August 31, 2016, the end of the current year, Rowland Company's account-ing clerk prepared the following unadjusted trial balance:оB), 2, 3, 4Rowland ComnpanyUnadjusted Trial BalanceAugust 31, 2016券CreditBalancesDebitBalancesCashAccounts Receivable.Prepaid InsuranceSupplies.LandBuildingAccumulated Depreciation-Building.Equipment.Accumulated Depreciation-Cquipment..... A **7,500,38,4007,2001,980112,500150,25087.550135,30097,95012.150Accounts PayobleUnearned RentMarlene Rowland, CapitalMarlene Rowland, DrawingFees Earned,..Salaries and Wages Expense.Utilities ExpenseAdvertising Expense..6,750221,00015,000324,60042,37517.2506.075750.000Miscellaneous Expense*750,000 The data needed to determnine year-end adjustments are as follows:a. Unexpired insurance at August 31, $6,00.b. Supplies on hand at August 31, $480.c. Depreciation of building for the year. $7,500.d. Depreciation of equipment for the year, $4.150.e. Rent unearned at August 31, $1.550.f. Accrued salaries and wages at August 31, $3,2200.g. Fees earned but unbilled on August 31. $11,330.Instructions1. Journalize the adjusting entries using the folowwing additional accounts: Salaries andWages 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 preparean adjusted trial balance.

Adjusting entries are entries that are passed at the end of the period to accurately present all…

The data needed to determine year-end adjustments are as follows: a. Unexpired insurance at August 31, $6,000. b. Supplies on hand at August 31, $480. c. Depreciation of building for the year, $7,500. d. Depreciation of equipment for the year, $4,150. e. Rent unearned at August 31, $1.550. f Accrued salaries and wages at August 31, $3,200. g. Fees earned but unbilled on August 31. $11.330. Instructions 1. Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable; Rent Revenue: Insurance Expense; Depreciation Expense-Building: Depreciation Eapense-Equipment, and Supplies Expense. 2. Determine the balances of the accounts affected by the adjusting entries, and prepare an adjusted crial balance.

The data needed to determine year-end adjustments are as follows: a. Unexpired insurance at August 31, $6,000. b. Supplies on hand at August 31, $480. c. Depreciation of building for the year, $7,500. d. Depreciation of equipment for the year, $4,150. e. Rent unearned at August 31, $1.550. f Accrued salaries and wages at August 31, $3,200. g. Fees earned but unbilled on August 31. $11.330. Instructions 1. Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable; Rent Revenue: Insurance Expense; Depreciation Expense-Building: Depreciation Eapense-Equipment, and Supplies Expense. 2. Determine the balances of the accounts affected by the adjusting entries, and prepare an adjusted crial balance.

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter3: The Adjusting Process

Section: Chapter Questions

Problem 3.5APR: Adjusting entries and adjusted trial balances Rowland Company is a small editorial services company...

See similar textbooks

Similar questions

Adjusting entries and adjusted trial balances Rowland Company is a small editorial services company owned and operated by Marlene Rowland. On August 31, 2018, the end of the current year, Rowland Companys accounting clerk prepared the following unadjusted trial balance: Rowland Company Unadjusted Trial Balance August 31,2018 Debit Balances Credit Balances Cash 7,500 Accounts Receivable 38,400 Prepaid Insurance 7,200 Supplies 1,980 Land 112,500 Building 150,250 Accumulated DepreciationBuilding 87,550 Equipment 135,300 Accumulated DepreciationEquipment 97,950 Accounts Payable 12,150 Unearned Rent 6,750 Common Stock 75,000 Retained Earnings 146,000 Dividends 15,000 Fees Earned 324,600 Salaries and Wages Expense 193,370 Utilities Expense 42,375 Advertising Expense 22,800 Repairs Expense 17,250 Miscellaneous Expense 6,075 750,000 750,000 The data needed to determine year-end adjustments are as follows: Unexpired insurance at August 31, 6,000. Supplies on hand at August 31, 480. Depreciation of building for the year, 7,500. Depreciation of equipment for the year, 4,150. Rent unearned at August 31, 1,550. Accrued salaries and wages at August 31, 3,200. Fees earned but unbilled on August 31, 11,330. Instructions 1. Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable; Kent Revenue; Insurance Expense; Depreciation ExpenseBuilding; Depreciation ExpenseEquipment; and Supplies Expense. 2. Determine the balances of the accounts affected by the adjusting entries, and prepare an adjusted trial balance.
T accounts, adjusting entries, financial statements, and closing entries; optional end-of-period spreadsheet The unadjusted trial balance of Epicenter Laundry at June 30, 2016, the end of the fiscal year, follows: Epicenter Laundry Unadjusted Trial Balance June 30, 2016 Debit Balances Credit Balances Cash............................................................. 11,000 Laundry Supplies................................................. 21,500 Prepaid Insurance................................................. 9,600 Laundry Equipment............................................... 232,600 Accumulated Depreciation........................................ 125,400 Accounts Payable................................................. 11,800 Common Stock................................................... 40,000 Retained Earnings................................................ 65,600 Dividends....................................................... 10,000 Laundry Revenue................................................. 232,200 Wages Expense................................................... 125,200 Rent Expense..................................................... 40,000 Utilities Expense.................................................. 19,700 Miscellaneous Expense............................................ 5,400 475,000 475,000 The data needed to determine year-end adjustments are as follows: a. Laundry supplies on hand at June 30 are 3,600. b. Insurance premiums expired during the year are 5,700. c. Depreciation of laundry equipment during the year is 6,500. d. Wages accrued but not paid at June 30 are 1,100. Instructions 1. For each account listed in the unadjusted trial balance, enter the balance in a T account. Identify the balance as June 30 Bal." In addition, add T accounts for Wages Payable, Depreciation Expense, Laundry Supplies Expense, Insurance Expense, and Income Summary. 2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Add the accounts listed in part (1) as needed. 3. Journalize and post the adjusting entries. Identify the adjustments by "Adj." and the new balances as Adj. BAL. 4. Prepare an adjusted trial balance. 5. Prepare an income statement, a retained earnings statement, and a balance sheet. 6. Journalize and post the closing entries. Identify the closing entries by Clos." 7. Prepare a post-closing trial balance.
T accounts, adjusting entries, financial statements, and closing entries; optional end-of-period spreadsheet The unadjusted trial balance of La Mesa Laundry at August 31, 2016, the end of the fiscal year, follows: La Mesa Laundry Unadjusted Trial Balance August 31,2016 Debit Balances Credit Balances Cash........................... 3,800 Laundry Supplies............... 9,000 Prepaid Insurance............... 6,000 Laundry Equipment............. 180,800 Accumulated Depreciation...... 49,200 Accounts Payable............... 7,800 Common Stock................. 15,000 Retained Earnings.............. 80,000 Dividends..................... 2,400 Laundry Revenue............... 248,000 Wages Expense................. 135,800 Rent Expense................... 43,200 Utilities Expense................ 16,000 Miscellaneous Expense.......... 3,000 400,000 400,000 The data needed to determine year-end adjustments are as follows: a. Wages accrued but not paid at August 31 are 2,200. b. Depreciation of equipment during the year is 8,150. c. Laundry supplies on hand at August 31 are 2,000. d. Insurance premiums expired during the year are 5,300. Instructions 1. For each account listed in the unadjusted trial balance, enter the balance in a T account. Identify the balance as Aug. 31 Bal. In addition, add T accounts for Wages Payable, Depreciation Expense, Laundry Supplies Expense, Insurance Expense, and Income Summary. 2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Add the accounts listed in part (1) as needed. 3. Journalize and post the adjusting entries. Identify the adjustments by Adj." and the new balances as Adj. BAL." 4. Prepare an adjusted trial balance. 5. Prepare an income statement, a retained earnings statement, and a balance sheet. 6. Journalize and post the closing entries. Identify the closing entries by Clos." 7. Prepare a post-closing trial balance.
Ledger accounts, adjusting entries, financial statements, and closing entries; optional end-of-period spreadsheet The unadjusted trial balance of Recessive Interiors at January 31, 2016, the end of the year, follows: The data needed to determine year-end adjustments are as follows: a. Supplies on hand at January 31 are 2,850. b. Insurance premiums expired during the year are 3,150. c. Depreciation of equipment during the year is 5,250. d. Depreciation of trucks during the year is 4,000. e. Wages accrued but not paid at January 31 are 900. Instructions 1. For each account listed in the unadjusted trial balance, enter the balance in the appropriate Balance column of a four-column account and place a check mark () in the Posting Reference column. 2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Add the accounts listed in part (3) as needed. 3. Journalize and post the adjusting entries, inserting balances in the accounts affected. Record the adjusting entries on Page 26 of the journal. The following additional accounts from Recessive Interiors chart of accounts should be used: Wages Payable, 22; Depreciation ExpenseEquipment, 54; Supplies Expense, 55; Depreciation ExpenseTrucks, 56; Insurance Expense, 57. 4. Prepare an adjusted trial balance. 5. Prepare an income statement, a statement of owners equity (no additional investments were made during the year), and a balance sheet. 6. Journalize and post the closing entries. Record the closing entries on Page 27 of the journal. (Income Summary is account #33 in the chart of accounts.) Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. 7. Prepare a post-closing trial balance.
Adjusting entries and adjusted trial balances Reece Financial Services Co., which specializes in appliance repair services, is owned and operated by Joni Reece. Reece Financial Services' accounting clerk prepared the following unadjusted trial balance at July 31, 2019: Reece Financial Services Co. Unadjusted Trial Balance July 31,2019 Debit Balances Credit Balances Cash 10,200 Accounts Receivable 34,750 Prepaid Insurance 6.000 Supplies 1,725 Land 50,000 Building 155,750 Accumulated DepreciationBuilding 62,850 Equipment 45,000 Accumulated DepreciationEquipment 17,650 Accounts Payable 3,750 Unearned Rent 3,600 Joni Reece, Capital 153,550 Joni Reece, Drawing 8,000 Fees Earned 158,600 Salaries and Wages Expense 56,850 Utilities Expense 14,100 Advertising Expense 7,500 Repairs Expense 6,100 Miscellaneous Expense 4,025 400,000 400,000 The data needed to determine year-end adjustments are as follows: Depreciation of building for the year, 6,400. Depreciation of equipment for the year, 2,800. Accrued salaries and wages at July 31, 900. Unexpired insurance at July 31, 1,500. Fees earned but unbilled on July 31, 10,200. Supplies on hand at July 31, 615. Rent unearned at July 31, 300. Instructions 1.Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable, Rent Revenue, Insurance Expense, Depreciation ExpenseBuilding, Depreciation ExpenseEquipment, and Supplies Expense. 2.Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance.
Ledger accounts, adjusting entries, financial statements, and closing entries; optional spreadsheet The unadjusted trial balance of Lakota Freight Co. at March 31, 2018, the end of the year, follows: Lakota Freight Co. Unadjusted Trial Balance March 31, 2018 Account No. Debit Balances Credit Balances Cash................................................ 11 12,000 Supplies............................................ 13 30,000 Prepaid Insurance.................................... 14 3,600 Equipment.......................................... 16 110,000 Accumulated DepreciationEquipment............... 17 25,000 Trucks............................................... 18 60,000 Accumulated DepreciationTrucks................... 19 15,000 Accounts Payable.................................... 21 4,000 Common Stock...................................... 31 26,000 Retained Earnings................................... 32 70,000 Dividends........................................... 33 15,000 Service Revenue..................................... 41 160,000 Wages Expense...................................... 51 45,000 Rent Expense........................................ 53 10,600 Truck Expense....................................... 54 9,000 Miscellaneous Expense............................... 59 4,800 300,000 300,000 The data needed to determine year-end adjustments are as follows: (A) Supplies on hand at March 31 are 7,500. (B) Insurance premiums expired during year are 1,800. (C) Depreciation of equipment during year is 8,350. (D) Depreciation of trucks during year is 6,200. (E) Wages accrued but not paid at March 31 are 600. Instructions 1. For each account listed in the trial balance, enter the balance in the appropriate Balance column of a four-column account and place a check mark () in the Posting Reference column. 2. (Optional) Enter the unadjusted trial balance on an end-of-period spread sheet and complete the spreadsheet. Add the accounts listed in part (3) as needed. 3. Journalize and post the adjusting entries, inserting balances in the accounts affected. Record the adjusting entries on Page 26 of the journal. The following additional accounts from Lakota Freight Co.s chart of accounts should be used: Wages Payable, 22; Supplies Expense, 52; Depreciation ExpenseEquipment, 55; Depreciation ExpenseTrucks, 56; Insurance Expense, 57. 4. Prepare an adjusted trial balance. 5. Prepare an income statement, a retained earnings statement, and a balance sheet. 6. Journalize and post the closing entries. Record the closing entries on Page 27 of the journal. (Income Summary is account #34 in the chart of accounts.) Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. 7. Prepare a post-closing trial balance.
Adjusting entries and adjusted trial balances Reece Financial Services Co., which specializes in appliance repair services, is owned and operated by Joni Reece. Reece Financial Services accounting clerk prepared the following unadjusted trial balance at July 31, 2018: Reece Financial Services Co Unadjusted Trial Balance July 31,2018 Debit Credit Balances Balances Cash 10,200 Accounts Receivable 34,750 Prepaid Insurance 6,000 Supplies 1,725 50,000 Building 155,750 Accumulated DepreciationBuilding 62,850 Equipment 45,000 Accumulated DepreciationEquipment 17,650 Accounts Payable 3,750 Unearned Rent 3,600 Common Stock 60,000 Retained Earnings 93,550 Dividends 8,000 Fees Earned 158,600 Salaries and Wages Expense 56,850 Utilities Expense 14,100 Advertising Expense 7,500 Repairs Expense 6,100 Miscellaneous Expense 4025 400,000 400,000 The data needed to determine year-end adjustments are as follows: Depreciation of building for the year, 6,400. Depreciation of equipment for the year, 2,800. Accrued salaries and wages at July 31, 900. Unexpired insurance at July 31, 1,500. Fees earned but unbilled on July 31, 10,200. Supplies on hand at July 31, 615. Rent unearned at July 31, 300. Instructions 1. Journalize the adjusting entries using the following additional accounts: .Salaries and Wages Payable; Rent Revenue; Insurance Expense; Depreciation ExpenseBuilding; Depreciation ExpenseEquipment; and Supplies Expense. 2. Determine the balances of the accounts affected by the adjusting entries, and prepare an adjusted trial balance.
Ledger accounts, adjusting entries, financial statements, and closing entries; optional spreadsheet The unadjusted trial balance of Lakota Freight Co. at March 31, 2016, the end of the year, follows: Lakota Freight Co. Unadjusted Trial Balance March 31,2016 Debit Balances Credit Balances 11 Cash.................................................... 12,000 13 Supplies.................................................... 30,000 14 Prepaid Insurance........................................... 3,600 16 Equipment.................................................. 110,000 17 Accumulated DepreciationEquipment...................... 25,000 18 Trucks...................................................... 60,000 19 Accumulated DepreciationTrucks........................... 15,000 21 Accounts Payable........................................... 4,000 31 Common Stock............................................. 26,000 32 Retained Earnings........................................... 70,000 33 Dividends.................................................. 15,000 41 Service Revenue............................................ 160,000 51 Wages Expense............................................. 45,000 53 Rent Expense............................................... 10,600 54 Truck Expense............................................... 9,000 59 Miscellaneous Expense...................................... 4,800 300,000 300,000 The data needed to determine year-end adjustments are as follows: a. Supplies on hand at March 31 are 7,500. b. Insurance premiums expired during year are 1,800. c. Depreciation of equipment during year is 8,350. d. Depreciation of trucks during year is 6,200. e. Wages, accrued but not paid at March 31 are 600. Instructions 1. For each account listed in the trial balance, enter the balance in the appropriate Balance column of a four-column account and place a check mark () in the Posting Reference column. 2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Add the accounts listed in pan (3) as needed. 3. Journalize and post the adjusting entries, inserting balances in the accounts affected. Record the adjusting entries on Page 26 of the journal. The following additional accounts from Lakota Freight Co.s chart of accounts should be used: Wages Payable, 22; Supplies Expense, 52; Depreciation ExpenseEquipment, 55; Depreciation Expense Trucks, 56; Insurance Expense, 57. 4. Prepare an adjusted trial balance. 5. Prepare an income statement, a retained earnings statement, and a balance sheet. 6. Journalize and post the closing entries. Record the closing entries on Page 27 of the journal. (Income Summary is account 34 in the chart of accounts.) Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. 7. Prepare a post-closing trial balance.
Ledger accounts, adjusting entries, financial statements, and closing entries; optional end-of-period spreadsheet The unadjusted trial balance of Recessive Interiors at January 31, 2018, the end of the year, follows: Recessive Interiors Unadjusted Trial Balance January 31, 2018 Account No. Debit Balances Credit Balances Cash..................................................... 11 13,100 Supplies................................................. 13 8,000 Prepaid Insurance......................................... 14 7,500 Equipment............................................... 16 113,000 Accumulated DepreciationEquipment.................... 17 12,000 Trucks.................................................... 18 90,000 Accumulated DepreciationTrucks........................ 19 27,100 Accounts Payable......................................... 21 4,500 Common Stock........................................... 31 30,000 Retained Earnings........................................ 32 96,400 Dividends................................................ 33 3,000 Service Revenue.......................................... 41 155,000 Wages Expense........................................... 51 72,000 Rent Expense............................................. 52 7,600 Truck Expense............................................ 53 5,350 Miscellaneous Expense.................................... 59 5,450 325,000 325,000 The data needed to determine year-end adjustments are as follows: (A) Supplies on hand at January 31 are 2,850. (B) Insurance premiums expired during the year are 3,1 SO. (C) Depreciation of equipment during the year is 5,250. (D) Depreciation of trucks during the year is 4,000. (E) Wages accrued but not paid at January 31 are 900. Instructions 1. For each account listed in the unadjusted trial balance, enter the balance in the appropriate Ba lance column of a four-column account and place a check mark () in the Posting Reference column. 2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Add the accounts listed in part (3) as needed. 3. Journalize and post the adjusting entries, inserting balances in the accounts affected. Record the adjusting entries on Page 26 of the journal. The following additional accounts from Recessive Interiors chart of accounts should be used: Wages Payable, 22; Depreciation ExpenseEquipment, 54; Supplies Expense, 55; Depreciation ExpenseTrucks, 56; Insurance Expense, 57. 4. Prepare an adjusted trial balance. 5. Prepare an income statement, a retained earnings statement, and a balance sheet. 6. Journalize and post the closing entries. Record the closing entries on Page 27 of the journal. (Income Summary is account #34 in the chart of accounts.) Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. 7. Prepare a post-closing trial balance.
Adjusting entries from trial balances The unadjusted and adjusted trial balances for American Leaf Company on October 31, 2018, follow: American Leaf Company Trial Balances October 31 ,2018 Journalize the five entries that adjusted the accounts at October 31, 2018. None of the accounts were affected by more than one adjusting entry.
Adjusting entries and adjusted trial balances Reece Financial Services Co., which specializes in appliance repair services, is owned and operated by Joni Reece. Reece Financial Services Co.s accounting clerk prepared the following unadjusted trial balance at July 31, 2016: Reece Financial Services Co. Unadjusted Trial Balance July 31,2016 Debit Credit Balances Balances Cash.......................................................... 10,200 Accounts Receivable............................................ 34,750 Prepaid Insurance.............................................. 6,000 Supplies...................................................... 1,725 Land.. 50,000 Building....................................................... 155,750 Accumulated DepreciationBuilding............................ 62,850 Equipment..................................................... 45,000 Accumulated DepreciationEquipment......................... 17,650 Accounts Payable.............................................. 3,750 Unearned Rent................................................ 3,600 Common Stock................................................ 60,000 Retained Earnings............................................. 93,550 Dividends................................................... 8,000 Fees Earned.................................................... 158,600 Salaries and Wages Expense..................................... 56,850 Utilities Expense............................................... 14,100 Advertising Expense........................................... 7,500 Repairs Expense................................................ 6,100 Miscellaneous Expense......................................... 4,025 400,000 400,000 The data needed to determine year-end adjustments are as follows: a. Depreciation of building for the year, 6,400. b. Depreciation of equipment for the year, 2,800. c. Accrued salaries and wages at July 31, 900. d. Unexpired insurance at July 31, 1,500. e. Fees earned but unbilled on July 31, 10,200. f. Supplies on hand at July 31, 615. g. Rent unearned at July 31, 300. Instructions 1. Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable; Rent Revenue; Insurance Expense; Depreciation ExpenseBuilding; Depreciation ExpenseEquipment; and Supplies Expense. 2. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance.
Adjusting entries The Signage Company specializes in the maintenance and repair of signs, such as billboards. On March 31, 2018, the accountant for The Signage Company prepared the trial balances shown at the top of the following page. Instructions Journalize die seven entries that adjusted the accounts at March 31. None of the accounts were affected by more than one adjusting entry.