Question

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.

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 )