Adjusting Entries 2

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cha2_continuing_problem.xlsx
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Balance Sheet Accounts

CONTINUING PROBLEM
- The following ledger accounts appear below, in this order:
Cash, Accounts Receivable, Supplies, Prepaid Insurance, Office Equipment, Accumulated Depreciation - Office Equipment,
Accounts Payable, Wages Payable, Unearned Revenue, Peyton Smith, Capital, Peyton Smith, Drawing, and Income Summary
- Beginning balances from the textbook have already been entered.
- The remaining accounts are found on the next page.
An asterisk (*) will appear in the column to the right of an incorrect amount.
LEDGERS - Balance Sheet accounts
Cash 11
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
7/1 Balance √ 3,920
07/01 Cash 1 5,000 8,920
07/01 Paid Rent 1 1,750 7,170
07/01 Paid Insurance 1 2,700 4,470
07/01 Cash 1 1,000 5,470
07/03 Cash 1 7,200 12,670
07/03 Paid 1 250 12,420
07/04 Paid Attorney's Fees 1 900 11,520
07/08 Paid Adviertisement 1 200 11,320
07/11 Cash 1 1,000 12,320
07/13 Paid Equipment Rental 1 700 11,620
07/14 Paid Wages 1 1,200 10,420
07/16 Cash 2 2,000 12,420
07/21 Paid Music 2 620 11,800
07/22 Paid Radio Advertisement 2 800 11,000
07/23 Cash 2 750 11,750
07/27 Paid Utilities 2 915 10,835
07/28 Paid Wages 2 1,200 9,635
07/29 Paid Mis. Exp 2 540 9,095
07/30 Cash 2 500 9,595
07/31 Cash 2 3,000 12,595
07/31 Paid royalties 2 1,400 11,195
07/31 Paid Dividens 2 1,250 9,945
Accounts Receivable 12
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
7/1 Balance √ 1,000
07/02 1 1,000 -
07/23 2 1,750 1,750
07/30 2 1,000 2,750
Supplies 14
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
7/1 Balance √ 170
07/18 Purchase 2 850 1,020
Prepaid Insurance 15
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
07/01 1 2,700 2,700
Office Equipment 17
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
07/05 Purchase on account 1 7,500 7,500
Accumulated Depreciation - Office Equipment 18
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
Accounts Payable 21
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
7/1 Balance √ 250
07/03 Paid 250 -
07/05 Purchase Off. Equipment 1 7,500 7,500
07/18 Purchase Suppli 2 850 8,350
Wages Payable 22
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
07/14 Paid wages 1
07/28 Paid wages 2
Unearned Revenue 23
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
07/03 Unearned 1 7,200 7,200
Peyton Smith, Capital 31
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
7/1 Balance √ 4,000
07/01 Common Stock 1 5,000 9,000
Peyton Smith, Drawing 32
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
7/1 Balance √ 500
07/31 Dividens 2 1,250 1,750

Income Statement Accounts

CONTINUING PROBLEM
- The following ledger accounts appear below, in this order:
Fees Earned, Wages Expense, Office Rent Expense, Equipment Rent Expense, Utilities Expense, Music Expense,
Advertising Expense, Supplies Expense, Insurance Expense, Depreciation Expense, and Miscellaneous Expense
- Beginning balances from the textbook have already been entered.
- The remaining accounts are found on the next page.
An asterisk (*) will appear in the column to the right of an incorrect amount.
LEDGERS - Income Statement accounts
Fees Earned 41
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
7/1 Balance √ 6,200
Wages Expense 50
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
7/1 Balance √ 400
Office Rent Expense 51
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
7/1 Balance √ 800
Equipment Rent Expense 52
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
7/1 Balance √ 675
Utilities Expense 53
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
7/1 Balance √ 300
Music Expense 54
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
7/1 Balance √ 1,590
Advertising Expense 55
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
7/1 Balance √ 500
Supplies Expense 56
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
7/1 Balance √ 180
Insurance Expense 57
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
Depreciation Expense 58
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
Miscellaneous Expense 59
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
7/1 Balance √ 415

BS

CONTINUING PROBLEM
- The following ledger accounts appear below, in this order:
Cash, Accounts Receivable, Supplies, Prepaid Insurance, Office Equipment, Accumulated Depreciation - Office Equipment,
Accounts Payable, Wages Payable, Unearned Revenue, Kris Payne, Capital, Kris Payne, Drawing, and Income Summary
- The remaining accounts are found on the next page.
An asterisk (*) will appear in the column to the right of an incorrect amount.
LEDGERS - Balance Sheet accounts
Cash 11
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
7/1 Balance √ 3,920
5,000 8,920
1,750 7,170
2,700 4,470
1,000 5,470
7,200 12,670
250 12,600 12,420
900 11,520
200 11,320
1,000 12,320
700 11,620
1,200 10,420
2,000 12,420
620 11,800
800 11,000
750 11,750
915 10,835
1,200 9,635
540 9,095
500 9,595
3,000 12,595
1,400 11,195
1,250 9,945
Accounts Receivable 12
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
7/1 Balance √ 1,000
1,000 -
1,750 1,750
1,000 2,750
1,400 4,150
Supplies 14
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
7/1 Balance √ 170
850 1,020
745 275
Prepaid Insurance 15
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
7/1 2,700 2,700
225 2,475
Office Equipment 17
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
5/5 7,500 7,500
Accumulated Depreciation - Office Equipment 18
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
50 50
Accounts Payable 21
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
7/1 Balance √ 250
250 -
7,500 7,500
850 8,350
Wages Payable 22
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
140 140
Unearned Revenue 23
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
7,200 7,200
3,600 3,600
Peyton Smith , Capital 31
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
7/1 Balance √ 4,000
5,000 9,000
4,955 13,955
1,750 12,205
Peyton Smith, Drawing 32
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
7/1 Balance √ 500
1,250 1,750
1,750 -
Income Summary 33
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
21,200 21,200
16,245 4,955
4,955 -
-

IS

CONTINUING PROBLEM
- The following ledger accounts appear below, in this order:
Fees Earned, Wages Expense, Office Rent Expense, Equipment Rent Expense, Utilities Expense, Music Expense,
Advertising Expense, Supplies Expense, Insurance Expense, Depreciation Expense, and Miscellaneous Expense
- The remaining accounts are found on the next page.
An asterisk (*) will appear in the column to the right of an incorrect amount.
LEDGERS - Income Statement accounts
Fees Earned 41
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
7/1 Balance √ 6,200
1,000 7,200
2,000 9,200
2,500 11,700
1,500 13,200
3,000 16,200
1,400 17,600
3,600 21,200
21,200 -
Wages Expense 50
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
7/1 Balance √ 400
1,200 1,600
1,200 2,800
140 2,940
2,940 -
Office Rent Expense 51
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
7/1 Balance √ 800
1,750 2,550
2,550 -
Equipment Rent Expense 52
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
7/1 Balance √ 675
700 1,375
1,375 -
Utilities Expense 53
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
7/1 Balance √ 300
915 1,215
1,215 -
Music Expense 54
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
7/1 Balance √ 1,590
620 2,210
1,400 3,610
3,610 -
Advertising Expense 55
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
7/1 Balance √ 500
200 700
800 1,500
1,500 -
Supplies Expense 56
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
7/1 Balance √ 180
745 925
925 -
Insurance Expense 57
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
7/1 Adjusting √ 225 225
225 -
Depreciation Expense 58
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
7/1 Adjusting √ 50 50
50 -
Miscellaneous Expense 59
Post Balance
Date Item Ref. Dr. Cr. Dr. Cr.
7/1 Balance √ 415
900 1,315
540 1,855
1,855 -