Question

LUISting entries and adjusted trial balances Instructions Sears Editing Company is a small editorial services company owned and operated by Delos Sears on January y aces company owned and operated by Deloris fers Onl 31, 2011, the end of the current year Sears Editing Company's accounting clerk prepared the lo unadjusted trial balance Sears Editing Company UNADJUSTED TRIAL BALANCE January 31, 2011 ACCOUNT TITLE 1 Cash 2 Accounts Receivable DOBIT 2,710.00 37.955.00 7070.00 1 Prepaid Insurance • Supplies 2,125.00 • Land 10,000 & Building 145.500.00 35.610.00 154.00 Accumulated Depreciation Building # Equipment • Accumulated Depreciation Equipment Accounts Payable u Uneamed Rent 10000 12.635.00 6,54000 75,495.00 144.195.00 15.170.00 Common Stock 1 Retained Earings # Dividende Fees Earned * Staries and Wages Expense 525.700.00 196.770.00 1 Utilities Expense 42.265.00 25.135.00 Adverthing Expense 17.195.00 Repairs Expense Miscellaneous Expense 744.065.00 744D65.00 Totals

Answer 1

Sears Editing Company

Journal Entries

a.

DATE	ACCOUNT TITLE	POST. REF.	DEBIT	CREDIT
Jan 31	Insurance Expense ($7070 - $6105)	57	965
	Prepaid Insurance	13		965
	(Expired portion of prepaid insurance recognized as expense)

b.

DATE	ACCOUNT TITLE	POST. REF.	DEBIT	CREDIT
Jan 31	Supplies Expense ($2125 - $485)	58	1,640
	Supplies	14		1,640
	(Decrease in Supplies recorded)

c.

DATE	ACCOUNT TITLE	POST. REF.	DEBIT	CREDIT
Jan 31	Depreciation Expense-Building	55	7,140
	Building	16		7,140
	(Depreciation of Building for the year)

d.

DATE	ACCOUNT TITLE	POST. REF.	DEBIT	CREDIT
Jan 31	Depreciation Expense-Equipment	56	4,445
	Equipment	18		4,445
	(Depreciation of Equipment for the year)

e.

DATE	ACCOUNT TITLE	POST. REF.	DEBIT	CREDIT
Jan 31	Unearned Rent	22	4,450
	Rent Revenue	42		4,450
	(Revenue earned during the year recorded)

f.

DATE	ACCOUNT TITLE	POST. REF.	DEBIT	CREDIT
Jan 31	Salaries and Wages Expense	51	3,330
	Salaries and Wages Payable	23		3,330
	(Accrued Salaries and Wages during the year recorded)

g.

DATE	ACCOUNT TITLE	POST. REF.	DEBIT	CREDIT
Jan 31	Accounts Receivable	12	11,475
	Fees Earned	41		11,475
	(Fees earned but not billed during the year recorded)