90.2K

Verified Solution

Link Copied!

Instructions Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. 1 An asterisk (*) will appear to the right of an incorrect entry, 2 For correct grading in the trial balance, enter a zero in cells you would otherwise leave blank. 3 1. Account b c. 22 23 d. 25 26 27 28 29 30 ILLUD f 33 9 GALLOWAY COMPANY Adjusted Trial Balance July 31, 2012 Debit Credit Cash Accounts Receivable Prepaid Insurance Supplies Land Building Accumulated Depreciation - Building Equipment Accumulated Depreciation - Equipment Accounts Payable Uneamed Rent Salaries and Wages Payable Fran Briggs, Capital Fran Briggs, Drawing Fees Eamed Rent Revenue Salaries and Wages Expense Utilities Expense Advertising Expense Repairs Expense Depreciation Expense - Building Depreciation Expense - Equipment Insurance Expense Supplies Expense Miscellaneous Expense 2. Determine the balances of the accounts affected by the adjusting entries, and prepare OBJ. 2,3,4 Rowland Company is a small editorial services company owned and operated by Marlene Rowland. On August 31, 2016, the end of the current year, Rowland Company's account PR 3-5A Adjusting entries and adjusted trial balances it 0 ing clerk prepared the following unadjusted trial balance: Rowland Company Unadjusted Trial Balance August 31, 2016 Debit Balances Credit Balances 7,500 38,400 7,200 1,980 112,500 150,250 87,550 135,300 Cash Accounts Receivable.. Prepaid Insurance Supplies Land Building Accumulated Depreciation--Building. Equipment.... Accumulated Depreciation-Equipment Accounts Payable Unearned Rent.. Marlene Rowland, Capital. Marlene Rowland, Drawing Fees Earned..... Salaries and Wages Expense. Utilities Expense Advertising Expense.. Repairs Expense. Miscellaneous Expense 97,950 12,150 6,750 221,000 15,000 324,600 193,370 42,375 22,800 17,250 6,075 750,000 750,00 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 Expense-Equipment; and Supplies Expense. an adjusted trial balance

Answer & Explanation Solved by verified expert

See Answer