Adjusuting entries

Adjusuting entries


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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