Question

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 month is $220.

3. Depreciation for the month is $150.

4. Services related to unearned service revenue in October worth $700 were performed.

5. Services performed but not recorded on October 31 are $260.

6. Interest accrued on October 31 is $85.

7. Accrued salaries on October 31 are $1,725.

Instructions: Prepare the adjusting entries for the items above.

Homework Answers

Answer #1

Question

Answer :

Date Account Titles and Explanation Debit Credit
1 Supplies expense $2,200
supplies $2,200
( Suppiies used recorded )
2 Insurance $220
prepaid Insurance $220
( Insurance exp for the month recorded)
3 Depreciation $150
Accumulated Depreciation- Equipment $150
( Depreciation for the month recorded )
4 unearned service revenue $700
Service Revenue $700
( recognised Service performed )
5 Account Receivable $260
Service Revenue $260
( Service provided recorded)
6 interest accrued $85
interest $85
(Interest accrued booked)
7 Salary $1,725
Salary payable $1,725
( Accrued salary booked )
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