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ac2760_wk03_assign.xlsx

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Instructions

AC2760
Week 3 Assignment
Read the following scenario, and complete the form on the following worksheet:
Jacksonville Financial Services Co., which specializes in appliance repair services, is owned and operated by Cindy Latty. Jacksonville Financial Services Co.'s accounting clerk prepared the unadjusted trial balance at December 31, 2011, shown below.
	Jacksonville Financial Services Co.
	Unadjusted Trial Balance
		December 31, 2011
			Debit	Credit
			Balances	Balances
Cash			10,200
Accounts Receivable			34,750
Prepaid Insurance			6,000
Supplies			1,725
Land			50,000
Building			80,750
Accumulated Depreciation -- Building				37,850
Equipment			45,000
Accumulated Depreciation -- Equipment				17,650
Accounts Payable				3,750
Unearned Rent				3,600
Capital Stock				25,000
Retained Earnings				78,550
Dividends			8,000
Fees Earned				158,600
Salaries and Wages Expense			56,850
Utilities Expense			14,100
Advertising Expense			7,500
Repairs Expense			6,100
Miscellaneous Expense			4,025
			325,000	325,000
The data needed to determine year end adustments are as follows:
(a)	Depreciation of building for the year, $2,100.
(b)	Depreciation of equipment for the year, $3000.
(c)	Accrued salaries and wages at December 31, $800.
(d)	Unexpired insurance at December 31, $1,500.
(e)	Fees earned but unbilled on December 31, $2,150.
(f)	Supplies on hand at December 31, $600.
(g)	Rent unearned at December 31, $1,500.
Please use the drop-down list (right of the cell) to enter the account description box on the worksheet.
To Do:
Using the form provided on the next worksheet, journalize the adjusting entries. Add additional accounts as needed.

Complete Worksheet

Name:

Enter the appropriate amount or item in the shaded cells.

An asterisk (*) will appear to the right of an incorrect entry in the outlined cells.

Please use the drop-down list (right of the cell) to enter the account description box on the worksheet.

Journal

Description

Debit

Credit

(a)

Accounts Receivable

Accumulated Depreciation - Building

Accumulated Depreciation - Equipment

(b)

Depreciation Expense - Building

Depreciation Expense - Equipment

Fees Earned

(c)

Insurance Expense

Prepaid Insurance

Rent Revenue

(d)

Salaries and Wages Expense

Salaries and Wages Payable

Supplies

(e)

Supplies Expense

Unearned Rent

(f)

(g)

Peggy Hussey: Total debits must be equal to total credits.