Problem 3 3A
Minor Advertising Agency was founded by Brandon Minor in January of 2011. Presented below are both the adjusted and unadjusted trial balances as of December 31, 2012.
MINOR ADVERTISING AGENCY
Trial Balance
December 31, 2012
Unadjusted
Adjusted
Dr.
Cr.
Dr.
Cr.
Cash
$ 11,000
$ 11,000
Accounts Receivable
20,000
21,500
Supplies
8,600
4,800
Prepaid Insurance
3,350
2,500
Equipment
60,000
60,000
Accumulated Depreciation—Equipment
$ 28,000
$ 34,000
Accounts Payable
5,000
5,000
Interest Payable
0
150
Notes Payable
5,000
5,000
Unearned Service Revenue
7,200
5,900
Salaries and Wages Payable
0
2,100
Owner’s Capital
25,500
25,500
Owner’s Drawings
12,000
12,000
Service Revenue
58,600
61,400
Salaries and Wages Expense
10,000
12,100
Insurance Expense
850
Interest Expense
350
500
Depreciation Expense
6,000
Supplies Expense
3,800
Rent Expense
4,000
4,000
$129,300
$129,300
$139,050
$139,050
(a)
Journalize the annual adjusting entries that were made. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Date
Account Titles and Explanation
Debit
Credit
Dec. 31
(To record accrued revenue.)
Dec. 31
(To record revenue earned.)
Dec. 31
(To record supplies used.)
Dec. 31
(To record depreciation.)
Dec. 31
(To record interest.)
Dec. 31
(To record expired insurance.)
Dec. 31
(To record accrued salaries.)
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(b1)
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(b2)
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(b3)
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(c)
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Copyright © 2000 2013 by John Wiley & Sons, Inc. or related companies. All rights reserved.
Problem 3 3A
Minor Advertising Agency was founded by Brandon Minor in January of 2011. Presented below are both the adjusted and unadjusted trial balances as of December 31, 2012.
MINOR ADVERTISING AGENCY
Trial Balance
December 31, 2012
Unadjusted
Adjusted
Dr.
Cr.
Dr.
Cr.
Cash
$ 11,000
$ 11,000
Accounts Receivable
20,000
21,500
Supplies
8,600
4,800
Prepaid Insurance
3,350
2,500
Equipment
60,000
60,000
Accumulated Depreciation—Equipment
$ 28,000
$ 34,000
Accounts Payable
5,000
5,000
Interest Payable
0
150
Notes Payable
5,000
5,000
Unearned Service Revenue
7,200
5,900
Salaries and Wages Payable
0
2,100
Owner’s Capital
25,500
25,500
Owner’s Drawings
12,000
12,000
Service Revenue
58,600
61,400
Salaries and Wages Expense
10,000
12,100
Insurance Expense
850
Interest Expense
350
500
Depreciation Expense
6,000
Supplies Expense
3,800
Rent Expense
4,000
4,000
$129,300
$129,300
$139,050
$139,050
(a)
Journalize the annual adjusting entries that were made. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Date
Account Titles and Explanation
Debit
Credit
Dec. 31
(To record accrued revenue.)
Dec. 31
(To record revenue earned.)
Dec. 31
(To record supplies used.)
Dec. 31
(To record depreciation.)
Dec. 31
(To record interest.)
Dec. 31
(To record expired insurance.)
Dec. 31
(To record accrued salaries.)
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(b1)
The parts of this question must be completed in order. This part will be available when you complete the part above.
(b2)
The parts of this question must be completed in order. This part will be available when you complete the part above.
(b3)
The parts of this question must be completed in order. This part will be available when you complete the part above.
(c)
The parts of this question must be completed in order. This part will be available when you complete the part above.
Copyright © 2000 2013 by John Wiley & Sons, Inc. or related companies. All rights reserved.