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:
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 an adjusted trial balance.
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