This paper circulates around the core theme of what Depreciation of equipment for the year, $3,000 together with its essential aspects. It has been reviewed and purchased by the majority of students thus, this paper is rated 4.8 out of 5 points by the students. In addition to this, the price of this paper commences from £ 99. To get this paper written from the scratch, order this assignment now. 100% confidential, 100% plagiarism-free.
Question Jacksonville Financial Services Co., which specializes in appliance repair services, is… 1 answer below » QuestionJacksonville Financial Services Co., which specializes in appliance repair services, is owned and operated by Cindy Latty. Jacksonville Financial Services Co.?s accounting clerk prepared the unadjusted trial balance at December 31, 2010, shown below. Jacksonville Financial Services Co. Unadjusted Trial Balance December 31, 2010 Debit Credit Balances Balances Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,200 Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,750 Prepaid Insurance . . . . . . . . . . View complete question » QuestionJacksonville Financial Services Co., which specializes in appliance repair services, is owned and operated by Cindy Latty. Jacksonville Financial Services Co.?s accounting clerk prepared the unadjusted trial balance at December 31, 2010, shown below. Jacksonville Financial Services Co. Unadjusted Trial Balance December 31, 2010 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 Cindy Latty, Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103,550 Cindy Latty, 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 Adjusting Process The data needed to determine year-end adjustments are as follows: a. Depreciation of building for the year, $2,100. b. Depreciation of equipment for the year, $3,000. c. Accrued salaries and wages at December 31, $800. d. Unexpired insurance at December 31, $1,500. e. Fees earned but unbilled on December 31, $2,150. f. Supplies on hand at December 31, $600. g. Rent unearned at December 31, $1,500. 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 trial balance. 1) a. Depreciation Expense – Building Accumulated Depreciation – Building b. Depreciation Expense – Equipment Accumulated Depreciation – Equipment c. Salaries and Wages Expense Salaries and Wages Payable d. Insurance Expense Prepaid Insurance e. Accounts Receivable Fees Earned f. Supplies Expense Supplies g. Unearned Rent Rent Revenue 2) JACKSONVILL…
