Question

Adjusting Entries Dole Carpet Cleaners ended its first month of operations on June 30. Monthly financial statements will be prepared. The unadjusted account balances are as follows:

DOLE CARPET CLEANERS
Unadjusted Trial Balance
June 30, 2012
Debit Credit
Cash $1,180
Accounts Receivable 450
Prepaid Rent 3,100
Supplies 2,520
Equipment 4,440
Accounts Payable 760
Common Stock 2,500
Retained Earnings 5,000
Dividends 200
Service Fees Earned 4,650
Wages Expense 1,020
Totals $12,910 $12,910

The following information is also available:

  1. The balance in Prepaid Rent was the amount paid on June 1 for the first 10 months' rent.
  2. Supplies on hand at June 30 were $840.
  3. The equipment, purchased June 1, has an estimated life of 2 years.
  4. Unpaid wages at June 30 were $210.
  5. Utility services used during June were estimated at $300. A bill is expected early in July.
  6. Fees earned for services performed but not yet billed on June 30 were $380. The firm uses the account Fees Receivable to reflect amounts due but not yet billed.

Required
Prepare the adjusting entries needed at June 30 for the general journal.

1. The balance in Prepaid Rent was the amount paid on June 1 for the first 10 months rent. 2. Supplies on hand at June 30 we
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Answer #1

Adjusting entries

Date General Journal Debit Credit
June 30 Rent expense (3100/10) 310
Prepaid rent 310
(To record rent adjusted)
June 30 Supplies expense (2520-840) 1680
Supplies 1680
(To record supplies adjusted)
June 30 Depreciation expense (4440/24) 185
Accumulated depreciation-equipment 185
(To record Dep)
June 30 Wages expense 210
Wages payable 210
(To record wages accrued)
June 30 Utilities expense 300
Account payable 300
(To record utilities expense)
June 30 Account receivable 380
Service fees earned 380
(To record fees earned)
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