Question

The trial balance for Pioneer Advertising is shown below. Pharoah Advertising Trial Balance October 31, 2017...

The trial balance for Pioneer Advertising is shown below. Pharoah Advertising Trial Balance October 31, 2017 Debit Credit Cash $16,000 Supplies 2,800 Prepaid Insurance 500 Equipment 4,900 Notes Payable $4,800 Accounts Payable 3,000 Unearned Service Revenue 1,100 Owner’s Capital 10,300 Owner’s Drawings 600 Service Revenue 10,600 Salaries and Wages Expense 4,100 Rent Expense 900 $29,800 $29,800 Assume the following adjustment data. 1. Supplies on hand at October 31 total $600. 2. Expired insurance for the month is $300. 3. Depreciation for the month is $80. 4. Services related to unearned service revenue in October worth $400 were performed. 5. Services performed but not recorded at October 31 are $200. 6. Interest accrued at October 31 is $70. 7. Accrued salaries at October 31 are $1,300. Prepare the adjusting entries for the items above. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. Oct. 31 2. Oct. 31 3. Oct. 31 4. Oct. 31 5. Oct. 31 6. Oct. 31 7. Oct. 31

Homework Answers

Answer #1

Soluton:

Adjusting Journal Entries
Date Particulars Debit Credit
(a) Supplies expense Dr ($2800- $600) $2,200
      To Supplies $2,200
(b) Insurance expense Dr $300
      To Prepaid Insurance $300
(c ) Depreciation expense Dr $80
      To Accumulated Depreciation $80
(d) Unearned Service Revenue Dr $400
      To Service revenue $400
(e) Accounts Receivable $200
      To Service revenue $200
(f) Interest expense Dr $70
      To Interest Payable $70
(G) Salaries and wages expense Dr $1,300
     To Salaries and wages payable $1,300
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
URGENT!!! The trial balance for Pioneer Advertising is shown below. Pioneer Advertising Trial Balance October 31,...
URGENT!!! The trial balance for Pioneer Advertising is shown below. Pioneer Advertising Trial Balance October 31, 2017 Debit Credit Cash $ 15,200 Supplies 2,500 Prepaid Insurance 600 Equipment 5,000 Notes Payable $ 5,000 Accounts Payable 2,500 Unearned Service Revenue 1,200 Owner’s Capital 10,000 Owner’s Drawings 500 Service Revenue 10,000 Salaries and Wages Expense 4,000 Rent Expense 900 $28,700 $28,700 You are provided with the following adjustment data. 1. Supplies on hand at October 31 total $300. 2. Expired insurance for...
The trial balance for Pioneer Advertising is shown below. Wildhorse Advertising Trial Balance October 31, 2017...
The trial balance for Pioneer Advertising is shown below. Wildhorse Advertising Trial Balance October 31, 2017 Debit Credit Cash $14,000 Supplies 2,500 Prepaid Insurance 600 Equipment 5,000 Notes Payable $5,000 Accounts Payable 2,300 Unearned Service Revenue 1,300 Owner’s Capital 7,200 Owner’s Drawings 400 Service Revenue 10,900 Salaries and Wages Expense 3,400 Rent Expense 800 $26,700 $26,700 Assume the following adjustment data. 1. Supplies on hand at October 31 total $300. 2. Expired insurance for the month is $200. 3. Depreciation...
Wildhorse Co. Trial Balance October 31, 2020 Debit Credit Cash $15,000 Supplies 2,600 Prepaid Insurance 600...
Wildhorse Co. Trial Balance October 31, 2020 Debit Credit Cash $15,000 Supplies 2,600 Prepaid Insurance 600 Equipment 4,000 Notes Payable $4,300 Accounts Payable 2,500 Unearned Service Revenue 1,000 Common Stock 10,400 Retained Earnings –0– Dividends 700 Service Revenue 10,400 Salaries and Wages Expense 4,900 Rent Expense 800 $28,600 $28,600 Assume the following adjustment data. 1. Supplies on hand at October 31 total $500. 2. Expired insurance for the month is $100. 3. Depreciation for the month is $80. 4. Services...
The adjusted trial balance for Pharoah Golf Club at its October 31, 2021, year end included...
The adjusted trial balance for Pharoah Golf Club at its October 31, 2021, year end included the following: Debit Credit Cash $7,500 Prepaid expenses 3,000 Equipment 65,000 Accumulated depreciation—equipment $15,000 Accounts payable 14,000 Unearned revenue 1,500 N. Pharoah, capital 65,200 N. Pharoah, drawings 45,700 Service revenue 130,700 Repairs expense 23,000 Rent expense 10,000 Salaries expense 72,200 Prepare closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No...
The adjusted trial balance for Pharoah Fishing Centre is as follows: PHAROAH FISHING CENTRE Adjusted Trial...
The adjusted trial balance for Pharoah Fishing Centre is as follows: PHAROAH FISHING CENTRE Adjusted Trial Balance March 31, 2021 Debit Credit Cash $7,600 Interest receivable 650 Supplies 1,550 Long-term investments 32,000 Land 45,000 Building 195,000 Accumulated depreciation—building $31,000 Equipment 35,000 Accumulated depreciation—equipment 17,500 Accounts payable 6,500 Interest payable 1,010 Unearned revenue 2,100 Notes payable ($6,000 must be paid in February, 2022) 65,800 R. Falkner, capital 172,040 R. Falkner, drawings 47,000 Service revenue 125,600 Interest revenue 1,200 Depreciation expense 9,800...
The adjusted trial balance for Pharoah Fishing Centre is as follows: PHAROAH FISHING CENTRE Adjusted Trial...
The adjusted trial balance for Pharoah Fishing Centre is as follows: PHAROAH FISHING CENTRE Adjusted Trial Balance March 31, 2021 Debit Credit Cash $7,600 Interest receivable 650 Supplies 1,550 Long-term investments 32,000 Land 45,000 Building 195,000 Accumulated depreciation—building $31,000 Equipment 35,000 Accumulated depreciation—equipment 17,500 Accounts payable 6,500 Interest payable 1,010 Unearned revenue 2,100 Notes payable ($6,000 must be paid in February, 2022) 65,800 R. Falkner, capital 172,040 R. Falkner, drawings 47,000 Service revenue 125,600 Interest revenue 1,200 Depreciation expense 9,800...
The trial balance columns of the worksheet for Lamar Company at June 30, 2017, are as...
The trial balance columns of the worksheet for Lamar Company at June 30, 2017, are as follows.    LAMAR COMPANY Worksheet For the Month Ended June 30, 2017 Trial Balance Account Titles Debit Credit Cash 2,760 Accounts Receivable 3,100 Supplies 1,320 Accounts Payable $2,080 Unearned Service Revenue 360 Owner’s Capital 2,480 Service Revenue 3,100 Salaries and Wages Expense 700 Miscellaneous Expense 140 Total 8,020 8,020 Other data: 1. A physical count reveals $450 of supplies on hand. 2. $220 of the...
A partial adjusted trial balance of West Company at January 31, 2018, shows the following. WEST...
A partial adjusted trial balance of West Company at January 31, 2018, shows the following. WEST COMPANY Adjusted Trial Balance January 31, 2018 Debit Credit Supplies $ 2,800 Prepaid Insurance 9,600 Salaries and Wages Payable $3,200 Unearned Revenue 3,000 Supplies Expense 3,800 Insurance Expense 1,600 Salaries and Wages Expense 7,200 Service Revenue 8,000 Instructions: Answer the following questions, assuming the year begins January 1. (a) If the amount in Supplies Expense is the January 31 adjusting entry, and $3,400 of...
The trial balance of Star Company on October 31, 2020 is shown below. Star Company Trial...
The trial balance of Star Company on October 31, 2020 is shown below. Star Company Trial Balance October 31, 2020 Accounts Debit Credit Cash $45,000 Prepaid Insurance    99,000 Supplies     49,500 Furniture 1,080,000 Accumulated Depreciation - Furniture $202,500 Notes Payable 180,000 Accounts Payable 108,000 Star, Capital 688,500 Star, Drawings 108,000 Service Revenue 220,500 Utilities Expense     18,000 Total 1,399,500 1,399,500 Other information: 1. Salaries owed for the month of October but will not be paid until November, 2020 was...
The ledger of Pharoah Rental Agency on March 31 of the current year includes the selected...
The ledger of Pharoah Rental Agency on March 31 of the current year includes the selected accounts, shown below, before adjusting entries have been prepared. Debit Credit Prepaid Insurance $ 1,800 Supplies 2,700 Equipment 31,250 Accumulated Depreciation—Equipment $ 8,500 Notes Payable 24,000 Unearned Rent Revenue 10,500 Rent Revenue 59,000 Interest Expense 0 Salaries and Wages Expense 12,000 An analysis of the accounts shows the following. 1. The equipment depreciates $500 per month. 2. One-third of the unearned rent revenue was...