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.
WE WRITE ESSAYS FOR STUDENTS
Tell us about your assignment and we will find the best writer for your project
Write My Essay For MeMisfire 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.
The post Misfire company_adjusting entries and adjusted trialbalance appeared first on Australia Assessments.
If you are seeking for fast and reliable essay help, you got on the right page. You can order essays, discussion, article critique, coursework, projects, case study, term papers, research papers, reaction paper, movie review, research proposal, capstone project, speech/presentation, book report/review, annotated bibliography, and more. From now on, you can stop worry and forget about writing assignments: your college papers are safe with our expert writers