Jacksonville Financial Services Co. Owned and operated by Cindy Laity. Jacksonvi

Question

Jacksonville Financial Services Co. Owned and operated by Cindy Laity. Jacksonville Services Co.'s accounting clerk prepared the unadjusted trial balance at December below. The data needed to determine year-end adjustments are as follows: Depreciation of building for the year, $2,100. Depreciation of equipment for the year, $3,000. Accrued salaries and wages at December 31, $800. Unexpired insurance at December 31, $1,500. Fees earned but unbilled on December 31, $2,150. Supplies on hand at December 31, $600. Rent unearned at December 31, $1,500. Journalize the adjusting entries. Add additional Determine the balances of the accounts affected an adjusted trial balance accounts as needed by the adjusting entries and prepare an adjusted trial balance.

Explanation / Answer

Account Titles Debit Credit a. Depreciation-Buildings 2100 Accumulated Depreciation- Buildings 2100 (Accounting for depreciation on Buildings) b. Depreciation-Equipment 3000 Accumulated Depreciation- Equipment 3000 (Accounting for depreciation on Equipment) c.Salaries& Wages 800 Accrued salalries & Wages 800 (Accounting for Salaries wages accrued as on 31/12 ) d. Unexpired Insurance 1500 Prepaid insurance 1500 (Recording of insurance unexpired as on 31/12) e. Accounts Receivables- Earned 2150 Fees Income 2150 (Fees earned but unbilled as on 31/12) f.Supplies on hand 600 Supplies 600 (To record unused stock of suppies) g. Rent Income 1500 Rent Unearned 1500 (Unearned rental income as on 31/12) Orig. Trial Balance Adjustment entries Adjusted Trial balance Account Titles Debit Credit Debit Credit Debit Credit Cash 10200 10200 Accounts Receivables 34750 34750 Prepaid Insurance 6000 1500 4500 Supplies 725 600 125 Land 50000 50000 Building 80750 80750 Accumulated Depreciation- Building 37850 2100 39950 Equipment 45000 45000 Accumulated Depreciation- Equipment 17650 3000 20650 Accounts Payable 3750 3750 Unearned Rent 3600 3600 Cindy Latty- Capital 103550 103550 Cindt Latty- Drawings 8000 8000 Fees Earned 158600 2150 160750 Salaries& Wages Expense 56850 800 57650 Utilities Expense 14100 14100 Advertising Expense 7500 7500 Repairs Expense 6100 6100 Miscellaneous Expense 4025 4025 a. Depreciation-Buildings 2100 2100 b. Depreciation-Equipment 3000 3000 d. Unexpired Insurance 1500 1500 e. Accounts Receivables- Earned 2150 2150 f.Supplies on hand 600 600 g. Rent Income 1500 1500 Accrued salalries & Wages 800 800 Rent Unearned 1500 1500 Difference in Original Trial balance 1000 1000 325000 325000 11650 11650 334550 334550

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