29 Jun Question Misfire Company is a small edi
Question
Misfire Company is a small editorial services company owned and operated by Pedro Borman. On August 31, 2010, the end of the current year, Misfire Company’s accounting clerk prepared the unadjusted trial balance shown on the next page.
The data needed to determine year-end adjustments are as follows:
Misfire Company
Trial Balance
August 31, 2010
Debit Credit
Cash $7,500
Accoutns receivable $38,400
Prepaid Insurance $7,200
Supplies $1,980
Land $1,12,500
Building $2,00,250
Accumulated Depreciation – Building $1,37,550
Equipment $1,35,300
Accumulated Depreciation – Equipment $97,950
Accoutns Payable $12,150
Unearned rent $6,750
Pedro Borman – Capital $2,21,000
Pedro Borman – Drawing $15,000
Fees earned $3,24,600
Salaries and wages Expense $1,93,370
Utilities Expense $42,375
Adverting Expense $22,800
Repairs Expense $17,250
Miscellneous Expense $6,075
$8,00,000 $8,00,000
(a) Unexpired insurance at August 31, $1,800.
(b) Supplies on hand at August 31, $750.
(c) Depreciation of building for the year, $2,000.
(d) Depreciation of equipment for the year, $5,000.
(e) Rent unearned at August 31, $2,850.
(f) Accrued salaries and wages at August 31, $2,800.
(g) Fees earned but unbilled on August 31, $12,380.
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Instructions
1. Journalize the adjusting entries. Add additional accounts as needed.
2. Determine the balances of the accounts affected by the adjusting entries, and prepare an adjusted trialbalance.
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