Question

O More Info -x nal Ills Adjustment data at December 31 follow: a. As of December 31, Pikeville had $700 of Prepaid Insurance remaining. b. At the end of the month, Pikeville had $750 of office supplies remaining. c. Depreciation on the building is $4,100. d. Pikeville pays its employees weekly on Friday. Its employees earn $3,000 for a five-day workweek. December 31 falls on Wednesday this year. e. On November 20, Pikeville contracted to perform services for a client receiving $3,000 in advance. Pikeville recorded this receipt of cash as Unearned Revenue. As of December 31, Pikeville has $900 still unearned. Print Done
Journalize the following entries. Record debuts, credits, and explanation. There is 11 parts are I have no idea what to do.

Answer 1

Requirement – 1;

Item	Accounts Title & Explanation	Debit	Credit
(a).	Insurance expense ($4100 - $700)	$3400
	Prepaid insurance		$3400
	(Adjusting entry for recording expired insurance)
(b).	Supplies expense ($1700 - $750)	$950
	Office supplies		$950
	(Adjusting entry for recording consumed supplies)
(c).	Depreciation expense-building	$4100
	Acc. Depreciation-building		$4100
	(Adjusting entry for recording depreciation on building)
(d).	Salaries expense ($3000 * 3 / 5)	$1800
	Salaries payable		$1800
	(Adjusting entry for recording salaries payable)
(e).	Unearned revenue ($3000 - $900)	$2100
	Service revenue		$2100
	(Adjusting entry for recording earned portion of unearned revenue)

Requirement -2;

Cash
Beginning balance	$13500
Ending balance	$13500

Accounts receivable
Beginning balance	$13800
Ending balance	$13800

Prepaid insurance
Beginning balance	$4100	(a). adjusting entry	$3400
Ending balance	$700

Insurance expense
Beginning balance	$0
(a). adjusting entry	$3400
Ending balance	$3400

Office supplies
Beginning balance	$1700	(b). adjusting entry	$950
Ending balance	$750

Supplies expense
Beginning balance	$0
(b). adjusting entry	$950
Ending balance	$950

Building
Beginning balance	$375000
Ending balance	$375000

Accumulated depreciation-Building
Beginning balance			$240000
(c). adjusting entry			$4100
Ending balance			$244100

Depreciation expense-Building
Beginning balance	$0
(c). adjusting entry	$4100
Ending balance	$4100

Accounts payable
Beginning balance			$1710
Ending balance			$1710

Salaries payable
Beginning balance			$0
(d). adjusting entry			$1800
Ending balance			$1800

Salaries expense
Beginning balance	$3300
(d). adjusting entry	$1800
Ending balance	$5100

Unearned revenue
Beginning balance			$3000
(e). adjusting entry	$2100
Ending balance			$900

Service revenue
Beginning balance			$15200
(e). adjusting entry			$2100
Ending balance			$17300

Cala, capital
Beginning balance			$154270
Ending balance			$154270

Cala, withdrawals
Beginning balance	$1800
Ending balance	$1800

Advertising expense
Beginning balance	$980
Ending balance	$980

Requirement-3;

Pikeville Inn Company
Adjusted Trial Balance
December 31, 2016
Accounts Title	Debit	Credit
Cash	$13500
Accounts receivable	$13800
Prepaid insurance	$700
Office supplies	$750
Building	$375000
Accumulated depreciation-building		$244100
Accounts payable		$1710
Salaries payable		$1800
Unearned revenue		$900
Cala, capital		$154270
Cala, withdrawals	$1800
Service revenue		$17300
Salaries expense	$5100
Insurance expense	$3400
Depreciation expense-building	$4100
Advertising expense	$980
Supplies expense	$950
Total	$420080	$420080

Requirement – 4;

Yes, if adjusted trail balance matches or debit and credit of adjusted trail balance are equals then it means that all adjusting entries have been recorded correctly because in case of adjusting entries we see that such entries affect two accounts and if both accounts are correctly posted then adjusted trail balance will match.