Adjusting Entries
Good Note Company specializes in the repair of music equipment and is owned and operated by Robin Stahl. On November 30, 2019, the end of the current year, the accountant for Good Note prepared the following trial balances:
Good Note Company | ||||||||
Trial Balance | ||||||||
November 30, 2019 | ||||||||
Unadjusted | Adjusted | |||||||
Debit Balances |
Credit Balances |
Debit Balances |
Credit Balances |
|||||
Cash | 37,570 | 37,570 | ||||||
Accounts Receivable | 107,650 | 107,650 | ||||||
Supplies | 11,170 | 3,460 | ||||||
Prepaid Insurance | 14,220 | 2,700 | ||||||
Equipment | 498,780 | 498,780 | ||||||
Accumulated Depreciation—Equipment | 92,920 | 105,000 | ||||||
Automobiles | 112,720 | 112,720 | ||||||
Accumulated Depreciation—Automobiles | 53,820 | 56,510 | ||||||
Accounts Payable | 24,370 | 25,340 | ||||||
Salaries Payable | — | 7,620 | ||||||
Unearned Service Fees | 17,770 | 6,000 | ||||||
Robin Stahl, Capital | 522,000 | 522,000 | ||||||
Robin Stahl, Drawing | 73,630 | 73,630 | ||||||
Service Fees Earned | 735,900 | 747,670 | ||||||
Salary Expense | 507,770 | 515,390 | ||||||
Rent Expense | 52,810 | 52,810 | ||||||
Supplies Expense | — | 7,710 | ||||||
Depreciation Expense—Equipment | — | 12,080 | ||||||
Depreciation Expense—Automobiles | — | 2,690 | ||||||
Utilities Expense | 12,690 | 13,660 | ||||||
Taxes Expense | 8,120 | 8,120 | ||||||
Insurance Expense | — | 11,520 | ||||||
Miscellaneous Expense | 9,650 | 9,650 | ||||||
1,446,780 | 1,446,780 | 1,470,140 | 1,470,140 |
Required:
Journalize the seven entries that adjusted the accounts at November 30. None of the accounts were affected by more than one adjusting entry.
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Adjusting Entries Good Note Company specializes in the repair of music equipment and is owned and...
Adjusting Entries Good Note Company specializes in the repair of music equipment and is owned and operated by Robin Stahl. On November 30, 2019, the end of the current year, the accountant for Good Note prepared the following trial balances: Good Note Company Trial Balance November 30, 2019 Unadjusted Adjusted Debit Balances Credit Balances Debit Balances Credit Balances Cash 34,030 34,030 97,490 Accounts Receivable Supplies 3,140 97,490 10,120 12,880 494,860 Prepaid Insurance 2.450 494,860 84.160 95,100 102,090 102,090 Equipment Accumulated...
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Good Note Company Trial Balance November 30, 2019 Unadjusted Adjusted Debit Balances Credit Balances Debit Balances Credit Balances Cash 38,670 Accounts Receivable 38,670 110,780 Supplies 110,780 11,500 3,570 14,630 2,780 581,700 581,700 95,630 Prepaid Insurance Equipment Accumulated Depreciation Equipment Automobiles Accumulated Depreciation-Automobiles Accounts Payable Salaries Payable 108,060 116,010 116,010 55,390 25,080 58,160 26,080 7,840 5,430 Uneared Service Fees 18,290 559,000 559,000 75,770 75,770 303,920 816,780 522,550 Robin Stahl, Capital Robin Stahl, Drawing Service Fees Earned Salary Expense Rent Expense Supplies...
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Adjusting Entries Selected account balances before adjustment for Intuit Realty at November 30, the end of the current year, follow: Debits Credits Accounts Receivable $75,000 250,000 Equipment Accumulated Depreciation Equipment $12,000 Prepaid Rent 12,000 3,170 Supplies Wages Payable Unearned Fees 10,000 Fees Earned 400,000 Wages Expense 140,000 Rent Expense Depreciation Expense Supplies Expense Data needed for year-end adjustments are as follows: • Supplies on hand at November 30, $550. Depreciation of equipment during year, $1,675. Rent expired during year, $8,500....
ed Trial Balances Reece Financial Services Co., which specializes in appliance repair services, is owned and operated by Joni Reece. Reece Financial Services accounting der prepared the following unadjusted trial balance at July 31, 2019: Reece Financial Services Co. Unadjusted Trial Balance July 31, 2049 Debit Credit Balances Balances 10,200 34,750 6,000 Cash Accounts Receivable Prepaid Insurance Supplies Land Building Accumulated Depreciation Building Equipment Accumulated Depreciation Equipment Accounts Payable Unearned Rent 1,725 50,000 155,750 62,850 45,000 17,650 3,750 3,600 Common...
Adjusting Entries Selected account balances before adjustment for Intuit Realty at November 30, the end of the current year, follow: Debits Credits $54,800 Accounts Receivable Equipment 85,000 Accumulated Depreciation - Equipment $8,440 6,900 Prepaid Rent Supplies 1,640 Wages Payable Unearned Fees 7,560 Fees Earned 320,030 Wages Expense 107,960 Rent Expense Depreciation Expense Supplies Expense Data needed for year-end adjustments are as follows: Supplies on hand at November 30, $490. • Depreciation of equipment during year, $820. Rent expired during year,...
Adjusting Entries Selected account balances before adjustment for Intuit Realty at November 30, the end of the current year, follow: Debits Credits Accounts Receivable $75,000 Equipment 250,000 Accumulated Depreciation—Equipment $12,000 Prepaid Rent 12,000 Supplies 3,170 Wages Payable – Unearned Fees 10,000 Fees Earned 400,000 Wages Expense 140,000 Rent Expense – Depreciation Expense – Supplies Expense – Data needed for year-end adjustments are as follows: Required: Supplies on hand at November 30, $550. Depreciation of equipment during year, $1,675. Rent expired...
Adjusting Entries Selected account balances before adjustment for Intuit Realty at November 30, the end of the current year, follow: Debits Credits Accounts Receivable Equipment Accumulated Depreciation-Equipment $75,000 250,000 $12,000 Prepaid Rent 12,000 3,170 Supplies Wages Payable Unearned Fees Fees Earned 10,000 400,000 Wages Expense 140,000 Rent Expense Depreciation Expense Supplies Expense Data needed for year-end adjustments are as follows: • Supplies on hand at November 30, $550. • Depreciation of equipment during year, $1,675. • Rent expired during year,...