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

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

Eileen Hastings, Capital

103,550

Eileen Hastings, Drawing

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 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.

Instructions

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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