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Business, 08.02.2021 18:50 xdimplesjoon

Adjusting Entries and Adjusted Trial Balances Emerson Company is a small editorial services company owned and operated by Suzanne Emerson. On October 31, 20Y6, Emerson Company's accounting clerk prepared the following unadjusted trial balance:
Emerson Company
Unadjusted Trial Balance
October 31, 20Y6
Debit Credit
Balances Balances
Cash 3,930
Accounts Receivable 35,640
Prepaid Insurance 6,640
Supplies 1,810
Land 104,800
Building 269,090
Accumulated Depreciation—Building 128,060
Equipment 125,950
Accumulated Depreciation—Equipment 91,210
Accounts Payable 11,180
Unearned Rent 6,340
Suzanne Emerson, Capital 285,400
Suzanne Emerson, Drawing 13,890
Fees Earned 302,030
Salaries and Wages Expense 180,010
Utilities Expense 39,570
Advertising Expense 21,140
Repairs Expense 16,010
Miscellaneous Expense 5,740
824,220 824,220
The data needed to determine year-end adjustments are as follows:
Unexpired insurance at October 31, $4,450.
Supplies on hand at October 31, $540.
Depreciation of building for the year, $2,950.
Depreciation of equipment for the year, $2,550.
Unearned rent at October 31, $1,650.
Accrued salaries and wages at October 31, $2,880.
Fees earned but unbilled on October 31, $16,910.
Required:
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. If an amount box does not require an entry, leave it blank.
2. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance.

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Adjusting Entries and Adjusted Trial Balances Emerson Company is a small editorial services company...
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