Question

Pitman Company is a small editorial services company owned and operated by Jan Pitman. On October 31, 2019, the end of the current year, Pitman Company's accounting clerk prepared the following unadjusted trial balance: Pitman Company Unadjusted Trial Balance October 31, 2019 Debit Balances Credit Balances Cash 3,430 Accounts Receivable 31,140 Prepaid Insurance 5,810 Supplies 1,580 Land 91,560 Building 245,140 Accumulated Depreciation—Building 111,880 Equipment 110,030 Accumulated Depreciation—Equipment 79,690 Accounts Payable 9,760 Unearned Rent 5,540 Jan Pitman, Capital 259,400 Jan Pitman, Drawing 12,140 Fees Earned 263,870 Salaries and Wages Expense 157,270 Utilities Expense 34,570 Advertising Expense 18,470 Repairs Expense 13,990 Miscellaneous Expense 5,010 730,140 730,140 The data needed to determine year-end adjustments are as follows: Unexpired insurance at October 31, $3,890. Supplies on hand at October 31, $470. Depreciation of building for the year, $2,570. Depreciation of equipment for the year, $2,230. Unearned rent at October 31, $1,440. Accrued salaries and wages at October 31, $2,520. Fees earned but unbilled on October 31, $14,780. Required: 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. a. b. c. d. e. f. g. 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.
Pitman Company is a small editorial services company owned and operated by Jan Pitman. On October 31, 2019, the end of the current year, Pitman Company's accounting clerk prepared the following unadjusted trial balance: Pitman Company Unadjusted Trial Balance October 31, 2019 Debit Credit Balances Balances Cash 3,430 Accounts Receivable 31,140 Prepaid Insurance 5,810 Supplies 1,580 Land 91,560 Building 245,140 Accumulated Depreciation-Building 111,880 Equipment 110,030 Accumulated Depreciation-Equipment Accounts Payable 9,760 Unearned Rent 5,540 Jan Pitman, Capital 259,400 Jan Pitman, Drawing 12,140 Fees Earned 263,870 Salaries and Wages Expense 157,270 Utilities Expense 34,570 Advertising Expense 18,470 Repairs Expense 13,990 Miscellaneous Expense 5,010 730,140 730.140 79,690

Answer 1

Answer-1-Journal Entries

Transaction	Account Title and Explanation	Debit ($)	Credit ($)
a	Insurance Expense ($5,810-$3,890)	1,920
	Prepaid Insurance		1,920
	(To record the adjustment of insurance expense)
b	Supplies Expense($1,580-$470)	1,110
	Supplies		1,110
	(To record the adjustment of supplies expense)
c	Depreciation Expense—Building	2,570
	Accumulated depreciation-Building		2,570
	(To record the adjustment of depreciation expense)
d	Depreciation Expense—Equipment	2,230
	Accumulated depreciation-Equipment		2,230
	(To record the adjustment of supplies expense
e	Unearned Rent ($5,540-$1,440)	4,100
	Rent Revenue		4,100
	(To record the adjustment of Rent Revenue)
f	Salaries and Wages Expense	2,520
	Salaries and Wages Payable		2,520
	(To record the adjustment of salaries expense)
g	Accounts Receivable	14,780
	Fees Earned		14,780
	(To record the adjustment of fee revenue)

Adjusted Trial Balance
ACCOUNT TITLE	DEBIT	CREDIT
Cash	$ 3,430	$                   -
Accounts Receivable ($31,140+$14,780)	$ 45,920	$                   -
Prepaid Insurance ($5,810-$1,920)	$ 3,890	$                   -
Supplies ($1,580-$1,110)	$ 470	$                   -
Land	$ 91,560	$                   -
Building	$ 245,140	$                   -
Accumulated Depreciation-Building ($111,880+$2,570)	$                   -	$ 114,450
Equipment	$ 110,030	$                   -
Accumulated Depreciation-Equipment ($79,690+$2,230)	$                   -	$ 81,920
Accounts Payable	$                   -	$ 9,760
Salaries and Wages Payable		$ 2,520
Unearned Rent ($5,540-$4,100)	$                   -	$ 1,440
Jan Pitman, Capital	$                   -	$ 259,400
Jan Pitman, Drawing	$ 12,140	$                   -
Fees Earned ($263,870+$14,780)	$                   -	$ 278,650
Rent Revenue	$                   -	$            4,100
Salaries and Wages Expense ($157,270+$2,520)	$ 159,790	$                   -
Utilities Expense	$ 34,570	$                   -
Advertising Expense	$ 18,470	$                   -
Repairs Expense	$          13,990	$                   -
Insurance Expense	$ 1,920	$                   -
Supplies Expenses	$            1,110	$                   -
Depreciation Expense—Building	$ 2,570	$                   -
Depreciation Expense-Equipment	$ 2,230	$                   -
Miscellaneous Expense	$ 5,010	$                   -
Totals	$ 752,240	$ 752,240

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