Question

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 accounting clerk prepared the following unadjusted trial balance.

tal of Debit : $776,180 Rowland. On August 31, 2ur ing clerk prepared the following unadjusteu Rowland Company Unadjusted Trial Balance August 31, 2016 Debit Balances 7,500 38,400 7,200 1,980 Cash Supplies.. Land... 150,250 Accumulated Depreciation-Building Accounts Payable . . . . 12,150 Pro 221,000 Marlene Rowland, Drawing 15,000 Fees Earned.. 193,370 42,375 22,800 17,250 6,075 750,000 Repairs Expense.... Miscellaneous Expense The data needed to determine year-end adjustments are as fllon SHOW ME HOW 750,000

Answer 1

Solution:

1)

Particulars	Debit	Credit
Insurance Expense	$1,200.00
Prepaid Insurance		$1,200.00
Supplies Expense	$1,500.00
Supplies		$1,500.00
Depreciation Expense - Bld	$7,500.00
Accumulated Depreciation - Bld		$7,500.00
Depreciation Expense - Equipment	$4,150.00
Accumulated Depreciation - Equipment		$4,150.00
Unearned Rent	$5,200.00
Rent Revenue		$5,200.00
Salaries and Wages Expense	$3,200.00
Salaries and Wages Payable		$3,200.00
Accounts Receivable	$11,330.00
Fees Earned		$11,330.00

2)

Particulars	Debit	Credit
Cash	$7,500.00
Accounts Receivable	$49,730.00
Land	$112,500.00
Building	$150,250.00
Prepaid Insurance	$6,000.00
Supplies	$480.00
Accumulated Depreciation - Bld		$95,050.00
Equipment	$135,300.00	$0.00
Accumulated Depreciation - Equipment		$102,100.00
Accounts Payable		$12,150.00
Unearned Rent		$1,550.00
Salaries and Wages Payable		$3,200.00
Marlene Rowland, Capital		$221,000.00
Marlene Rowland, Drawing	$15,000.00
Fees Earned		$335,930.00
Rent Revenue		$5,200.00
Salaries and Wages Expense	$196,570.00
Utilities Expense	$42,375.00
Advertising Expense	$22,800.00
Repairs Expense	$17,250.00
Insurance Expense	$1,200.00
Supplies Expense	$1,500.00
Depreciation Expense - Building	$7,500.00
Depreciation Expense - Equipment	$4,150.00
Miscellaneous Expense	$6,075.00
	$776,180.00	$776,180.00