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lawyer [7]
2 years ago
11

Sears editing ‘company is a small editorial services company owned and operated by deloris Sears. On January 31, 20Y1 , the end

of the current year, Sears Editing Company’s accounting clerk prepared the following unadjusted trial balance
Mathematics
1 answer:
Valentin [98]2 years ago
4 0

1. Preparation of   the adjusting entries for

Sears editing ‘company

Sears editing ‘company  Adjusting Entries

a. Dr Insurance expense $1,800

($7,200-$5,400)  

Cr Prepaid insurance  $1,800

(To record insurance expense)

 b. Dr  Supplies expense $1,605

($1980 - $375)

Cr Supplies  $1,605

(To record supplies expense)

c. Dr  Depreciation expense $6,000

Cr Accumulated depreciation-building  $6,000

(To record depreciation expense on building)

d. Dr  Depreciation expense $3,000

Cr Accumulated depreciation-equipment  $3,000

(To record depreciation expense on equipment)  

e. Dr Unearned rent $5,400

($6,750-$1,350)

Cr Rent revenue  $5,400

(To record rent earned from unearned rent)

f. Dr Salaries and wages expense $2,900

Cr Salaries and wages payable  $2,900

(To record salaries and wages expense)  

g. Dr Accounts receivable $18,600

Cr Fees earned  $18,600

(To record accrued revenue)

2. Preparation of  an adjusted trial balance.

Sears editing ‘Company Adjusted Trial balance

Debit side

Cash $7,500

Account Receiveble $57,000

Prepaid Insurance  $5,400

Supplies $375

Land $112,500

Building $150,250

Equipment $135,300

Drawing $15,000

Salaries and wages expense $196,270

Utilities expense $42,375

Advertising expense $22,800

Repair expense $17,250

Depreciation expense-Building $6,000

Depreciation expense-Equipment $3,000

Insurance expense $1,800

Supplies expense $1,605

Miscellaneous expense $6,075

Total Debit side $780,500

Credit side

Accumulated Depreciation-Building  $93,550

Accumulated Depreciation-Equipment $100,950

Account payable $12,150

Unearned rents $1,350

Salaries and wages payable $2,900

Capital stock $221,000

Fees earned $343,200

Rent revenue $5,400

Total Credit side $780,500

Learn more here:brainly.com/question/21304366

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