Rowland company_adjusting entries – trial balance

Rowland Company is a small editorial services company owned and operated by Marlene Rowland. On August 31, 2016, the end of the current year, Rowland Company’s accounting clerk prepared the following unadjusted trial balance:

Rowland Company Unadjusted Trial Balance August 31, 2016

 

 

Debit Balances

Credit Balances

Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7,500

 

Accounts Receivable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

38,400

 

Prepaid Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7,200

 

Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,980

 

Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

112,500

 

Building . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

150,250

 

Accumulated Depreciation—Building. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

87,550

Equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

135,300

 

Accumulated Depreciation—Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

97,950

Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

12,150

Unearned Rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

6,750

Common Stock  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

75,000

Retained Earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

146,000

Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

15,000

 

Fees Earned. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

324,600

Salaries and Wages Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

193,370

 

Utilities Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

42,375

 

Advertising Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

22,800

 

Repairs Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

17,250

 

Miscellaneous Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

     6,075

                  

 

750,000

750,000

The data needed to determine year-end adjustments are as follows:

a.     Unexpired insurance at August 31, $6,000.

b.     Supplies on hand at August 31, $480.

c.     Depreciation of building for the year, $7,500.

d.     Depreciation of equipment for the year, $4,150.

e.     Rent unearned at August 31, $1,550.

f.      Accrued salaries and wages at August 31, $3,200.

g.     Fees earned but unbilled on August 31, $11,330.

Instructions

1.     Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable; Rent Revenue; Insurance Expense; Depreciation Expense—Building; Depreciation Expense—Equipment; and Supplies Expense.

 

2.     Determine the balances of the accounts affected by the adjusting entries, and prepare an adjusted trial balance.

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