Prepare adjusting entries for the month of December 31, 2015 forthe following transactions of Johnson Services, Inc. Please skip a linebetween entries. Omit explanations. A partial chart ofaccounts is providedbelow.
Cash Unearned Revenue
AccountsReceivable Common Stock
OfficeSupplies Dividends
PrepaidInsurance Service Revenue
Equipment Wages Expense
Accumulated Depreciation -Equipment Advertising Expense
AccountsPayable Depreciation Expense
WagesPayable Insurance Expense
InterestPayable Supplies Expense
a. At the end of December $500 in wages hadbeen earned by the employees but not yet paid.
b. Depreciation onequipment is $1,200 for the month of December.
c. The OfficeSupplies account had a balance of $500 prior to adjustment. At theend of the
December supplies worth $400 hadbeen used.
d. Prepaid insurancehad a $1,000 balance prior to adjustment. By the end of December,$400 was unexpired.
e. At the end ofDecember Johnson had performed but not billed customers forservices of $950.
Date
Account Titles
Debit
Credit
Prepare adjusting entries for the month of December 31, 2015 forthe following transactions of Johnson Services, Inc. Please skip a linebetween entries. Omit explanations. A partial chart ofaccounts is providedbelow.
Cash Unearned Revenue
AccountsReceivable Common Stock
OfficeSupplies Dividends
PrepaidInsurance Service Revenue
Equipment Wages Expense
Accumulated Depreciation -Equipment Advertising Expense
AccountsPayable Depreciation Expense
WagesPayable Insurance Expense
InterestPayable Supplies Expense
a. At the end of December $500 in wages hadbeen earned by the employees but not yet paid.
b. Depreciation onequipment is $1,200 for the month of December.
c. The OfficeSupplies account had a balance of $500 prior to adjustment. At theend of the
December supplies worth $400 hadbeen used.
d. Prepaid insurancehad a $1,000 balance prior to adjustment. By the end of December,$400 was unexpired.
e. At the end ofDecember Johnson had performed but not billed customers forservices of $950.
Date | Account Titles | Debit | Credit |
Related questions
Question 1
The following is the Bravo Unlimited unadjusted Trial Balance.
| Bravo Unlimited | ||
| Unadjusted Trial Balance | ||
| December 31, 2016 | ||
| Account Title | Debit | Credit |
| Cash | $88,450 | |
| Accounts Receivable | 231,860 | |
| Supplies | 6,255 | |
| Prepaid Rent | 12,000 | |
| Equipment | 395,285 | |
| Accumulated Depreciation | $224,260 | |
| Accounts Payable | 73,555 | |
| Wages Payable | 0 | |
| Capital Stock | 220,000 | |
| Retained Earnings | 111,145 | |
| Service Revenue | 893,105 | |
| Interest Income | 1,500 | |
| Rent Expense | 60,500 | |
| Wages Expense | 527,260 | |
| Supplies Expense | 42,520 | |
| Utilities Expense | 8,595 | |
| Depreciation Expense | 144,000 | |
| Interest Expense | 6,840 | ________ |
| Totals | $1,523,565 | $1,523,565 |
Adjusting Items:
1. A physical inventory shows supplies on hand of $2,500 at year end.
2. The prepaid rent covers December 2016 thru March 2017 rents.
3. December depreciation on equipment is $11,500 per month.
4. At year end Wages of $12,000 were earned but unpaid.
Use this information to prepare the General Journal entry (without explanation) for the required end of the month adjustment. If no entry is required then write "No Entry Required."
| Bravo Unlimited | ||
| Unadjusted Trial Balance | ||
| December 31, 2016 | ||
| Account Title | Debit | Credit |
| Cash | $88,450 | |
| Accounts Receivable | 231,860 | |
| Supplies | 6,255 | |
| Prepaid Rent | 12,000 | |
| Equipment | 395,285 | |
| Accumulated Depreciation | $224,260 | |
| Accounts Payable | 73,555 | |
| Wages Payable | 0 | |
| Capital Stock | 220,000 | |
| Retained Earnings | 111,145 | |
| Service Revenue | 893,105 | |
| Interest Income | 1,500 | |
| Rent Expense | 60,500 | |
| Wages Expense | 527,260 | |
| Supplies Expense | 42,520 | |
| Utilities Expense | 8,595 | |
| Depreciation Expense | 144,000 | |
| Interest Expense | 6,840 | ________ |
| Totals | $1,523,565 | $1,523,565 |
Adjusting Items:
1. A physical inventory shows supplies on hand of $2,500 at year end.
2. The prepaid rent covers December 2016 thru March 2017 rents.
3. December depreciation on equipment is $11,500 per month.
4. At year end Wages of $12,000 were earned but unpaid.
Use this information to prepare the General Journal entry (without explanation) for the required end of the month adjustment. If no entry is required then write "No Entry Required."
General Journal
| Date | Accounts | Debit | Credit | |
| 1. | 12/31/16 | |||
| 2. | 12/31/16 | |||
| 3. | 12/31/16 | |||
| 4. | 12/31/16 | |||
Pitman Company is a small editorial services company owned andoperated by Jan Pitman. On October 31, 2019 the end of the currentyear, Pitman Companyâs accounting clerk prepared the followingunadjusted trial balance:
Pitman Company
UNADJUSTED TRIAL BALANCE
October 31, 2019
| 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 | 300,250.00 | |
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 | Jan Pitman, Capital | 371,000.00 | |
13 | Jan Pitman, Drawing | 15,000.00 | |
14 | Fees Earned | 324,600.00 | |
15 | Salaries and Wages Expense | 193,370.00 | |
16 | Utilities Expense | 42,375.00 | |
17 | Advertising Expense | 22,800.00 | |
18 | Repairs Expense | 17,250.00 | |
19 | Miscellaneous Expense | 6,075.00 | |
20 | Totals | 900,000.00 | 900,000.00 |
The data needed to determine year-end adjustments are asfollows:
| a. | Unexpired insurance at October 31,$600. |
| b. | Supplies on hand at October 31,$675. |
| c. | Depreciation of building for theyear, $12,000. |
| d. | Depreciation of equipment for theyear, $8,600. |
| e. | Unearned rent at October 31,$2,250. |
| f. | Accrued salaries and wages atOctober 31, $2,800. |
| g. | Fees earned but unbilled on October31, $10,050. |
| 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. |
| CHARTOF ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pitman Company | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Ledger | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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1. Journalize the adjusting entries using the followingadditional accounts: Salaries and Wages Payable; Rent Revenue;Insurance Expense; Depreciation ExpenseâBuilding; DepreciationExpenseâEquipment; and Supplies Expense. Refer to the Chart ofAccounts for exact wording of account titles.
How does grading work?
PAGE 10
JOURNAL
ACCOUNTING EQUATION
Score: 158/176
| DATE | DESCRIPTION | POST.REF. | DEBIT | CREDIT | ASSETS | LIABILITIES | EQUITY | |
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