Pitman Company is a small editorial services company owned andoperated by Jan Pitman. On October 31, 2019 the end of the currentyear, Pitman Companyâs accounting clerk prepared the followingunadjusted trial balance:
Pitman Company
UNADJUSTED TRIAL BALANCE
October 31, 2019
ACCOUNTTITLE DEBIT CREDIT 1
Cash
7,500.00
2
Accounts Receivable
38,400.00
3
Prepaid Insurance
7,200.00
4
Supplies
1,980.00
5
Land
112,500.00
6
Building
300,250.00
7
Accumulated Depreciation-Building
87,550.00
8
Equipment
135,300.00
9
Accumulated Depreciation-Equipment
97,950.00
10
Accounts Payable
12,150.00
11
Unearned Rent
6,750.00
12
Jan Pitman, Capital
371,000.00
13
Jan Pitman, Drawing
15,000.00
14
Fees Earned
324,600.00
15
Salaries and Wages Expense
193,370.00
16
Utilities Expense
42,375.00
17
Advertising Expense
22,800.00
18
Repairs Expense
17,250.00
19
Miscellaneous Expense
6,075.00
20
Totals
900,000.00
900,000.00
The data needed to determine year-end adjustments are asfollows:
a. Unexpired insurance at October 31,$600. b. Supplies on hand at October 31,$675. c. Depreciation of building for theyear, $12,000. d. Depreciation of equipment for theyear, $8,600. e. Unearned rent at October 31,$2,250. f. Accrued salaries and wages atOctober 31, $2,800. g. Fees earned but unbilled on October31, $10,050.
Required: 1. Journalize the adjustingentries using the following additional accounts: Salaries and WagesPayable; Rent Revenue; Insurance Expense; DepreciationExpenseâBuilding; Depreciation ExpenseâEquipment; and SuppliesExpense. Refer to the Chart of Accounts for exact wording ofaccount titles. 2. Determine the balances of theaccounts affected by the adjusting entries, and prepare an adjustedtrial balance.
CHART OF ACCOUNTSPitman CompanyGeneral Ledger
ASSETS 11 Cash 12 Accounts Receivable 13 Prepaid Insurance 14 Supplies 15 Land 16 Building 17 AccumulatedDepreciation-Building 18 Equipment 19 AccumulatedDepreciation-Equipment
LIABILITIES 21 Accounts Payable 22 Unearned Rent 23 Salaries and Wages Payable
EQUITY 31 Jan Pitman, Capital 32 Jan Pitman, Drawing
REVENUE 41 Fees Earned 42 Rent Revenue
EXPENSES 51 Salaries and Wages Expense 52 Utilities Expense 53 Advertising Expense 54 Repairs Expense 55 Depreciation Expense-Building 56 Depreciation Expense-Equipment 57 Insurance Expense 58 Supplies Expense 59 Miscellaneous Expense
1. Journalize the adjusting entries using the followingadditional accounts: Salaries and Wages Payable; Rent Revenue;Insurance Expense; Depreciation ExpenseâBuilding; DepreciationExpenseâEquipment; and Supplies Expense. Refer to the Chart ofAccounts for exact wording of account titles.
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PAGE 10
JOURNAL
ACCOUNTING EQUATION
Score: 164/176
DATE DESCRIPTION POST.REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1
Adjusting Entries
2
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3
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4
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7
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8
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9
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10
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11
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12
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13
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14
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15
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2. Determine the balances of the accounts affected by theadjusting entries, and prepare an adjusted trial balance.
Question not attempted.
Pitman Company
ADJUSTED TRIAL BALANCE
Score: 0/103
October 31, 2019
ACCOUNTTITLE DEBIT CREDIT 1
Cash
2
Accounts Receivable
3
Prepaid Insurance
4
Supplies
5
Land
6
Building
7
Accumulated Depreciation-Building
8
Equipment
9
Accumulated Depreciation-Equipment
10
Accounts Payable
11
Unearned Rent
12
Salaries and Wages Payable
13
Jan Pitman, Capital
14
Jan Pitman, Drawing
15
Fees Earned
16
Rent Revenue
17
Salaries and Wages Expense
18
Utilities Expense
19
Advertising Expense
20
Repairs Expense
21
Depreciation Expense-Building
22
Depreciation Expense-Equipment
23
Insurance Expense
24
Supplies Expense
25
Miscellaneous Expense
26
Totals
Pitman Company is a small editorial services company owned andoperated by Jan Pitman. On October 31, 2019 the end of the currentyear, Pitman Companyâs accounting clerk prepared the followingunadjusted trial balance:
Pitman Company
UNADJUSTED TRIAL BALANCE
October 31, 2019
ACCOUNTTITLE | DEBIT | CREDIT | |
---|---|---|---|
1 | Cash | 7,500.00 | |
2 | Accounts Receivable | 38,400.00 | |
3 | Prepaid Insurance | 7,200.00 | |
4 | Supplies | 1,980.00 | |
5 | Land | 112,500.00 | |
6 | Building | 300,250.00 | |
7 | Accumulated Depreciation-Building | 87,550.00 | |
8 | Equipment | 135,300.00 | |
9 | Accumulated Depreciation-Equipment | 97,950.00 | |
10 | Accounts Payable | 12,150.00 | |
11 | Unearned Rent | 6,750.00 | |
12 | Jan Pitman, Capital | 371,000.00 | |
13 | Jan Pitman, Drawing | 15,000.00 | |
14 | Fees Earned | 324,600.00 | |
15 | Salaries and Wages Expense | 193,370.00 | |
16 | Utilities Expense | 42,375.00 | |
17 | Advertising Expense | 22,800.00 | |
18 | Repairs Expense | 17,250.00 | |
19 | Miscellaneous Expense | 6,075.00 | |
20 | Totals | 900,000.00 | 900,000.00 |
The data needed to determine year-end adjustments are asfollows:
a. | Unexpired insurance at October 31,$600. |
b. | Supplies on hand at October 31,$675. |
c. | Depreciation of building for theyear, $12,000. |
d. | Depreciation of equipment for theyear, $8,600. |
e. | Unearned rent at October 31,$2,250. |
f. | Accrued salaries and wages atOctober 31, $2,800. |
g. | Fees earned but unbilled on October31, $10,050. |
Required: | |
1. | Journalize the adjustingentries using the following additional accounts: Salaries and WagesPayable; Rent Revenue; Insurance Expense; DepreciationExpenseâBuilding; Depreciation ExpenseâEquipment; and SuppliesExpense. Refer to the Chart of Accounts for exact wording ofaccount titles. |
2. | Determine the balances of theaccounts affected by the adjusting entries, and prepare an adjustedtrial balance. |
CHART OF ACCOUNTSPitman CompanyGeneral Ledger
ASSETS | |
11 | Cash |
12 | Accounts Receivable |
13 | Prepaid Insurance |
14 | Supplies |
15 | Land |
16 | Building |
17 | AccumulatedDepreciation-Building |
18 | Equipment |
19 | AccumulatedDepreciation-Equipment |
LIABILITIES | |
21 | Accounts Payable |
22 | Unearned Rent |
23 | Salaries and Wages Payable |
EQUITY | |
31 | Jan Pitman, Capital |
32 | Jan Pitman, Drawing |
REVENUE | |
41 | Fees Earned |
42 | Rent Revenue |
EXPENSES | |
51 | Salaries and Wages Expense |
52 | Utilities Expense |
53 | Advertising Expense |
54 | Repairs Expense |
55 | Depreciation Expense-Building |
56 | Depreciation Expense-Equipment |
57 | Insurance Expense |
58 | Supplies Expense |
59 | Miscellaneous Expense |
1. Journalize the adjusting entries using the followingadditional accounts: Salaries and Wages Payable; Rent Revenue;Insurance Expense; Depreciation ExpenseâBuilding; DepreciationExpenseâEquipment; and Supplies Expense. Refer to the Chart ofAccounts for exact wording of account titles.
How does grading work?
PAGE 10
JOURNAL
ACCOUNTING EQUATION
Score: 164/176
DATE | DESCRIPTION | POST.REF. | DEBIT | CREDIT | ASSETS | LIABILITIES | EQUITY | |
---|---|---|---|---|---|---|---|---|
1 | Adjusting Entries | |||||||
2 | ? | ? | ||||||
3 | ? | |||||||
4 | ? | ? | ? | |||||
5 | ? | ? | ||||||
6 | ? | ? | ? | |||||
7 | ? | ? | ||||||
8 | ? | ? | ? | |||||
9 | ? | ? | ||||||
10 | ? | ? | ||||||
11 | ? | |||||||
12 | ? | ? | ? | |||||
13 | ? | ? | ||||||
14 | ? | ? | ? | |||||
15 | ? | ? |
2. Determine the balances of the accounts affected by theadjusting entries, and prepare an adjusted trial balance.
Question not attempted.
Pitman Company
ADJUSTED TRIAL BALANCE
Score: 0/103
October 31, 2019
ACCOUNTTITLE | DEBIT | CREDIT | |
---|---|---|---|
1 | Cash | ||
2 | Accounts Receivable | ||
3 | Prepaid Insurance | ||
4 | Supplies | ||
5 | Land | ||
6 | Building | ||
7 | Accumulated Depreciation-Building | ||
8 | Equipment | ||
9 | Accumulated Depreciation-Equipment | ||
10 | Accounts Payable | ||
11 | Unearned Rent | ||
12 | Salaries and Wages Payable | ||
13 | Jan Pitman, Capital | ||
14 | Jan Pitman, Drawing | ||
15 | Fees Earned | ||
16 | Rent Revenue | ||
17 | Salaries and Wages Expense | ||
18 | Utilities Expense | ||
19 | Advertising Expense | ||
20 | Repairs Expense | ||
21 | Depreciation Expense-Building | ||
22 | Depreciation Expense-Equipment | ||
23 | Insurance Expense | ||
24 | Supplies Expense | ||
25 | Miscellaneous Expense | ||
26 | Totals |