Adjusuting entries

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Description

AC2760
Week 3
Assignment
Read the
following scenario, and complete the form on the following worksheet:
Jacksonville Financial Services Co., which specializes in
appliance repair services, is owned and operated by Cindy Latty. Jacksonville Financial Services Co.’s
accounting clerk prepared the unadjusted trial balance at December 31, 2011,
shown below.
Jacksonville Financial Services Co.
Unadjusted Trial Balance
December 31, 2011
Debit Credit
Balances Balances
Cash 10,200
Accounts
Receivable
34,750
Prepaid
Insurance
6,000
Supplies 1,725
Land 50,000
Building 80,750
Accumulated
Depreciation — Building
37,850
Equipment 45,000
Accumulated
Depreciation — Equipment
17,650
Accounts
Payable
3,750
Unearned
Rent
3,600
Capital
Stock
25,000
Retained
Earnings
78,550
Dividends 8,000
Fees Earned 1,58,600
Salaries and
Wages Expense
56,850
Utilities
Expense
14,100
Advertising
Expense
7,500
Repairs
Expense
6,100
Miscellaneous
Expense
4,025
3,25,000 3,25,000
The data
needed to determine year end adustments are as follows:
(a) Depreciation of building for the
year, $2,100.
(b) Depreciation of equipment for the
year, $3000.
(c) Accrued salaries and wages at
December 31, $800.
(d) Unexpired insurance at December 31,
$1,500.
(e) Fees earned but unbilled on December
31, $2,150.
(f) Supplies on hand at December 31,
$600.
(g) Rent unearned at December 31,
$1,500.
Please use
the drop-down list (right of the cell) to enter the account description box
on the worksheet.
To Do:
Using the
form provided on the next worksheet, journalize the adjusting entries. Add additional accounts as needed.

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