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:
| Goldfinch Company | ||||
| Trial Balance | ||||
| January 31, 2012 | ||||
| Unadjusted | Adjusted | |||
| Debit | Credit | Debit | Credit | |
| Balances | Balances | Balances | Balances | |
| Cash | 4,750 | 4,750 | ||
| Accounts Receivable | 17,400 | 17,400 | ||
| Supplies | 6,200 | 1,475 | ||
| Prepaid Insurance | 9,000 | 2,700 | ||
| Land | 50,000 | 50,000 | ||
| Buildings | 120,000 | 120,000 | ||
| Accumulated Depreciation—Buildings | 51,500 | 60,000 | ||
| Trucks | 75,000 | 75,000 | ||
| Accumulated Depreciation—Trucks | 12,000 | 13,550 | ||
| Accounts Payable | 6,920 | 8,000 | ||
| Salaries Payable | — | 750 | ||
| Unearned Service Fees | 10,500 | 6,000 | ||
| Marsha Parlik, Capital | 156,400 | 156,400 | ||
| Marsha Parlik, Drawing | 7,500 | 7,500 | ||
| Service Fees Earned | 162,680 | 167,180 | ||
| Salary Expense | 80,000 | 80,750 | ||
| Depreciation Expense—Trucks | — | 1,550 | ||
| Rent Expense | 11,900 | 11,900 | ||
| Supplies Expense | — | 4,725 | ||
| Utilities Expense | 6,200 | 7,280 | ||
| Depreciation Expense—Buildings | — | 8,500 | ||
| Taxes Expense | 2,900 | 2,900 | ||
| Insurance Expense | — | 6,300 | ||
| Miscellaneous Expense | 9,150 | 9,150 | ||
| 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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