Selected account balances before adjustment for Foxboro Realty at December 31, 2008, the end of the current year, are as follows:
|
|
Debits |
Credits |
|
Accounts Receivable |
$18,250 |
|
|
Equipment |
72,500 |
|
|
Accumulated Depreciation |
|
$ 11,900 |
|
Prepaid Rent |
7,500 |
|
|
Supplies |
2,050 |
|
|
Wages Payable |
|
— |
|
Unearned Fees |
|
8,500 |
|
Fees Earned |
|
187,950 |
|
Wages Expense |
60,100 |
|
|
Rent Expense |
— |
|
|
Depreciation Expense |
— |
|
|
Supplies Expense |
— |
|
Data needed for year end adjustments are as follows:
a. Unbilled fees at December 31, $1,650.
b. Supplies on hand at December 31, $200.
c. Rent expired, $5,000.
d. Depreciation of equipment during year, $1,150.
e. Unearned fees at December 31, $1,500.
f. Wages accrued but not paid at December 31, $3,150.
Instructions
Journalize the six adjusting entries required at December 31, based upon the data presented.