pacific financial services co which specializes in appliance repair services is owne 551287 | Homework Solutions

PR 3-5B Adjusting entries and adjusted trial balances

Pacific Financial Services Co., which specializes in appliance repair services, is owned and operated by Eileen Hastings. Pacific Financial Services Co.’s accounting clerk prepared the unadjusted trial balance at October 31, 2012, shown below.

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Pacifi c Financial Services Co.

Unadjusted Trial Balance

October 31, 2012







Accounts Receivable


Prepaid Insurance








Accumulated Depreciation—Building




Accumulated Depreciation—Equipment


Accounts Payable


Unearned Rent


Eileen Hastings, Capital


Eileen Hastings, Drawing


Fees Earned


Salaries and Wages Expense


Utilities Expense


Advertising Expense


Repairs Expense


Miscellaneous Expense




The data needed to determine year-end adjustments are as follows:

a. Depreciation of building for the year, $1,900.

b. Depreciation of equipment for the year, $2,400.

c. Accrued salaries and wages at October 31, $1,375.

d. Unexpired insurance at October 31, $2,700.

e. Fees earned but unbilled on October 31, $9,400.

f. Supplies on hand at October 31, $325.

g. Rent unearned at October 31, $1,800.


1. Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable; Rent Revenue; Insurance Expense; Depreciation Expense—Building; Depreciation Expense—Equipment; and Supplies Expense.

2. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance.

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