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Misfire company_adjusting entries and adjusted trialbalance

Misfire Company is a small editorial services company owned and operated by Pedro Borman. On August 31, 2010, the end of the current year, Misfire Company’s accounting clerk prepared the unadjusted trial balance shown on the next page. 
The data needed to determine year-end adjustments are as follows:
(a) Unexpired insurance at August 31, $1,800.
(b) Supplies on hand at August 31, $750.
(c) Depreciation of building for the year, $2,000.
(d) Depreciation of equipment for the year, $5,000.
(e) Rent unearned at August 31, $2,850.
(f) Accrued salaries and wages at August 31, $2,800.
(g) Fees earned but unbilled on August 31, $12,380.

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Misfire Company 
Trial Balance
August 31, 2010
  Debit Credit
Cash $7,500  
Accoutns receivable $38,400  
Prepaid Insurance $7,200  
Supplies $1,980  
Land $1,12,500  
Building $2,00,250  
Accumulated Depreciation – Building   $1,37,550
Equipment $1,35,300  
Accumulated Depreciation – Equipment   $97,950
Accoutns Payable   $12,150
Unearned rent   $6,750
Pedro Borman – Capital   $2,21,000
Pedro Borman – Drawing $15,000  
Fees earned   $3,24,600
Salaries and wages Expense $1,93,370  
Utilities Expense $42,375  
Adverting Expense $22,800  
Repairs Expense $17,250  
Miscellneous Expense $6,075  
  $8,00,000 $8,00,000

 

 


Instructions
1. Journalize the adjusting entries. Add additional accounts as needed.
2. Determine the balances of the accounts affected by the adjusting entries, and prepare an adjusted trialbalance.

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