Question

The trial balances of Orton Company follow with the accounts arranged in alphabetic order. 0 4,000 0 Trial Balance UnadjustedAnalyze the data and prepare the adjusting entries made by Orton Company. (Credit account titles are automatically indented wAnalyze the data and prepare the closing entries made by Orton Company. (Credit account titles are automatically indented whe

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Answer #1
DR CR
Depreciation Expense (17000-13000) 4000
Accumulated Depreciation—Equipment 4000
(Depreciation expense for current period)
Advertising Expense 16300
Prepaid Advertising 16300
(adjustment entries fpr Adv expense
Unearned Service Revenue 8000
Service Revenue 8000
(uneared service revenue adjusted)
Accounts Receivable (3200-2200) 1000
Service Revenue 1000
(Accounts Receivable adjusted)
Rent Expense 4000
Prepaid Rent 4000
(being prepaid rent adjustment)
Supplies Expense 2500
Supplies 2500
Salaries and Wages Expense 7000
Salaries and Wages Payable 7000
(to record accrued salaries)

2

Debit Credit
Service Revenue 105000
Income Summary 105000
(to close revenue account)
Income Summary 73800
Advertising Expense 16300
Depreciation Expense 4000
Rent Expense 4000
Supplies Expense 4500
Salaries and Wages Expense 45000
(to close expense account)
Income Summary 31200
Owner’sCapital (72400-52200) 31200
(to close income to retained earnings)
Owner’sCapital 11000
Owner’sDrawings 11000
(to close dividends to retained earnings
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