The unadjusted and adjusted trial balances of White Company as of December 31, 2003, are presented below.
|
Unadjusted |
Adjusted |
|||
|
Debits |
Credits |
Debits |
Credits |
|
|
Cash |
$21,250 |
$9,350 |
$21,250 |
|
|
Accounts Receivable |
11,250 |
11,250 |
||
|
Supplies on Hand . |
5,195 |
3,895 |
||
|
Prepaid Rent |
17,545 |
7,545 |
||
|
Prepaid Insurance |
1,985 |
1,100 |
||
|
Buildings (net). |
95,000 |
95,000 |
||
|
Land |
45,720 |
45,720 |
||
|
Accounts Payable |
$9,350 |
|||
|
Wages Payable |
5,700 |
|||
|
Income Taxes Payable. |
580 |
|||
|
Interest Payable |
450 |
1,050 |
||
|
Notes Payable |
65,000 |
65,000 |
||
|
Capital Stock . |
84,320 |
84,320 |
||
|
Consulting Fees Earned. |
142,380 |
142,380 |
||
|
Wages Expense. |
92,335 |
|||
|
Rent Expense |
||||
|
Interest Expense . |
3,500 |
|||
|
Insurance Expense |
585 |
|||
|
Supplies Expenses |
4,365 |
|||
|
Income Tax Expense |
2,770 |
|||
|
Totals |
$301,500 |
|||
1. Prepare the journal entries that are required to adjust the accounts at December 31, 2003.
2. Prepare the journal entry that is required to close the accounts at December 31, 2003.