Question

Adjusting Entries and Adjusted Trial Balances Rowland Company is a small editorial services company owned and operated by Fran Briggs. On August 31, 2018, the end of the current year, Rowland Company's accounting clerk prepared the following unadjusted trial balance: Rowland Company Unadjusted Trial Balance August 31, 2018 Debit Balances Credit Balances Cash 5,080 46,110 Accounts Receivable Prepaid Insurance 8,600 Supplies Land 2,340 135,600 244,610 Building Accumulated Depreciation-Building 165,690 Equipment 162,950 Accumulated Depreciation-Equipment Accounts Payable 118,010 14,460 8,210 80,000 Unearned Rent Common Stock

Answer 1

Journal Entries Date Account Title and Explaination Debit Credit Post. Ref. 2,840.00 Insurance Expense ($8600-$5760) Prepaid Insurance |(To record Expired portion of prepaid insurance) 2,840.00 $ 1,640.00 Supplies Expense ($2340-$700) Supplies (To record Consumed portion of Supplies) 1,640.00 3,810.00 Depreciation Expense Accumulated Depreciation - Building (To record Depreciation Expense on Building) 3,810.00 $ 3,300.00 Depreciation Expense Accumulated Depreciation - Equipment (To record Depreciation Expense on Equipment) 3,300.00

6,080.00 Unearned Rent ($8210-$2130) Rent Revenue (To record Earned portion of rent revenue) 6,080.00 $ 3,730.00 Salaries and Wages Expense Salaries and Wages Payable (To record accrued salaries and wages expense) 3,730.00 Accounts Receivable 21,880.00 Fees Earned $ 21,880.00 (To record Earned Fees)