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Misfire Company_adjusting entries and adjusted trialbalance




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.;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.


Paper#37231 | Written in 18-Jul-2015

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