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Pacific Financial Services Co., which specializes in appliance repair services, is owned and operated by Eileen

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Pacific Financial Services Co., which specializes in appliance repair services, is owned and operated by Eileen Hastings. Pacific Financial Services Co.'s accounting clerk prepared the unadjusted trial balance at October 31, 2012, shown below.;Pacific Financial Servicies Co.;Unadjusted Trial Balance;October 31, 2012;Debit Balances Credit Balances;Cash.....................10,200;Accounts Receivable.......... 34,750;Prepaid Insurance............. 6,000;AND SO ON........................;The data needed to determine year-end adjustments are as follows;a. Depreciation of building for the year, $1,900.;b. Depreciation of equipment for the year, $2,400.;c. Accrued salaries and wages at October 31, $1,375.;d. Unexpired insurance at October 31, $2,700.;e. Fees earned but unbilled on October 31, $9,400.;f. Supplies on hand at October 31, $325.;g. Rent unearned at October 31, $1,800.;Instructions;1. Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable, Rent Revenue, Insurance Expense, Depreciation ExpenseBuilding, Depreciation ExpenseEquipment, and Supplies Expense.;2. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance.

 

Paper#76353 | Written in 18-Jul-2015

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