Prepare the following adjusting entries on August 31 for Walgreens.
(a)
Interest on notes payable of $300 is accrued.
(b)
Services earned but unbilled total $1,400.
(c)
Salaries and wages earned by employees of $700 have not been recorded.
(d)
The bad debt expense for the year is $900.
Prepare the following adjusting entries on August 31 for Walgreens.
| (a) | Interest on notes payable of $300 is accrued. | |
| (b) | Services earned but unbilled total $1,400. | |
| (c) | Salaries and wages earned by employees of $700 have not been recorded. | |
| (d) | The bad debt expense for the year is $900. |
Related questions
Prepare the following adjusting entries at August 31 forWalgreens.
| (a) | Interest on notes payable of $300 is accrued. | |
| (b) | Services earned but unbilled total $1,400. | |
| (c) | Salaries and wages earned by employees of $700 have not beenrecorded. | |
| (d) | Bad debt expense for year is $900. |
Rowland Company is a small editorial services company owned andoperated by Marlene Rowland. On August 31, 2016, the end of thecurrent year, Rowland Companyâs accounting clerk prepared thefollowing unadjusted trial balance:
Rowland Company
UNADJUSTED TRIAL BALANCE
August 31, 2016
| ACCOUNTTITLE | DEBIT | CREDIT | |
|---|---|---|---|
1 | Cash | 7,500.00 | |
2 | Accounts Receivable | 38,400.00 | |
3 | Prepaid Insurance | 7,200.00 | |
4 | Supplies | 1,980.00 | |
5 | Land | 112,500.00 | |
6 | Building | 150,250.00 | |
7 | Accumulated Depreciation-Building | 87,550.00 | |
8 | Equipment | 135,300.00 | |
9 | Accumulated Depreciation-Equipment | 97,950.00 | |
10 | Accounts Payable | 12,150.00 | |
11 | Unearned Rent | 6,750.00 | |
12 | Common Stock | 75,000.00 | |
13 | Retained Earnings | 146,000.00 | |
14 | Dividends | 15,000.00 | |
15 | Fees Earned | 324,600.00 | |
16 | Salaries and Wages Expense | 193,370.00 | |
17 | Utilities Expense | 42,375.00 | |
18 | Advertising Expense | 22,800.00 | |
19 | Repairs Expense | 17,250.00 | |
20 | Miscellaneous Expense | 6,075.00 | |
21 | Totals | 750,000.00 | 750,000.00 |
The data needed to determine year-end adjustments are asfollows:
| a. | Unexpired insurance at August 31,$6,000. |
| b. | Supplies on hand at August 31,$480. |
| c. | Depreciation of building for theyear, $7,500. |
| d. | Depreciation of equipment for theyear, $4,150. |
| e. | Rent unearned at August 31,$1,550. |
| f. | Accrued salaries and wages atAugust 31, $3,200. |
| g. | Fees earned but unbilled on August31, $11,330. |
| Required: | |
| 1. | Journalize the adjustingentries using the following additional accounts: Salaries and WagesPayable; Rent Revenue; Insurance Expense; DepreciationExpenseâBuilding; Depreciation ExpenseâEquipment; and SuppliesExpense. Refer to the Chart of Accounts for exact wording ofaccount titles. |
| 2. | Determine the balances of theaccounts affected by the adjusting entries, and prepare an adjustedtrial balance. |
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