Galloway is a small editorial services company owned and operated by Fran Briggs
ID: 2382227 • Letter: G
Question
Galloway is a small editorial services company owned and operated by Fran Briggs. On july 31, 2011 the end of the current year, Galloway Company's accounting clerk prepared the unadjusting trial balance shown."This is the data needed to determine year-end adjustments are as follows;
a.unexpired insurance at july 31, $4,800
b.supplies on hand at july 31, $600
c.depreciation of building for the year, $3,100
d.depreciation of equipment for the year, $2,700
e.rent unearned at july 31, $1,750
f.accured salaries and wages at july 31, $3,000
g.fees earned but unbilled on july 31, $10,750
debit-balance credit-balance
cash 7 ,500
accounts receivable 38,400
prepaid insurance 7,200
supplies 1,980
land 1,112,500
building 200,250
accumilated depreciation-building 137,550
equipment 135,300
accumilated depreciation-equipment 97,950
accounts payable 12,150
unearned rent 6,750
Fran Briggs, Capitol 221,000
Fran Briggs, Drawing 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
total= 800,000 800,000
insructions;
Journalize the adjusting entries using the following accounts; salaries and wages payable; rent revenue; insurance expense; depreciation expense-building; depreciation expense-equipment; and supplies expense
Explanation / Answer
DR. CR. a)Insurance Expense 2,400 Prepaid Insurance 2,400 b) Supplies Expense 1,380 Supplies 1,380 c) Depreciation Expense-Building 3,100 Accumulated Depreciation-Building 3,100 d) Depreciation Expense-Equipment 2,700 Accumulated Depreciation-Equipment 2,700 e) Unearned Rent 5,000 Rent Revenue 5,000 f) Salaries and Wages Expense 3,000 Salaries and Wages Payable 3,000 g) Accounts Receivable 10,750 Fees Earned 10,750
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