goldfinch company specializes in the maintenance and repair of signs such as billboa 551286
PR 3-4B Adjusting entries
Goldfinch Company specializes in the maintenance and repair of signs, such as billboards. On January 31, 2012, the accountant for Goldfinch Company prepared the following trial balances:
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Goldfinch Company |
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Trial Balance |
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January 31, 2012 |
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|
Unadjusted |
Adjusted |
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|
Debit |
Credit |
Debit |
Credit |
|
|
Balances |
Balances |
Balances |
Balances |
|
|
Cash |
4,750 |
4,750 |
||
|
Accounts Receivable |
17,400 |
17,400 |
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|
Supplies |
6,200 |
1,475 |
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|
Prepaid Insurance |
9,000 |
2,700 |
||
|
Land |
50,000 |
50,000 |
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|
Buildings |
120,000 |
120,000 |
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Accumulated Depreciation—Buildings |
51,500 |
60,000 |
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Trucks |
75,000 |
75,000 |
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Accumulated Depreciation—Trucks |
12,000 |
13,550 |
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|
Accounts Payable |
6,920 |
8,000 |
||
|
Salaries Payable |
— |
750 |
||
|
Unearned Service Fees |
10,500 |
6,000 |
||
|
Marsha Parlik, Capital |
156,400 |
156,400 |
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Marsha Parlik, Drawing |
7,500 |
7,500 |
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|
Service Fees Earned |
162,680 |
167,180 |
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|
Salary Expense |
80,000 |
80,750 |
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|
Depreciation Expense—Trucks |
— |
1,550 |
||
|
Rent Expense |
11,900 |
11,900 |
||
|
Supplies Expense |
— |
4,725 |
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|
Utilities Expense |
6,200 |
7,280 |
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|
Depreciation Expense—Buildings |
— |
8,500 |
||
|
Taxes Expense |
2,900 |
2,900 |
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|
Insurance Expense |
— |
6,300 |
||
|
Miscellaneous Expense |
9,150 |
9,150 |
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|
400,000 |
400,000 |
411,880 |
411,880 |
|
Instructions
Journalize the seven entries that adjusted the accounts at January 31. None of the accounts were affected by more than one adjusting entry.
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