Pete's Roofing, Inc. Unadjusted Trial Balance December 31, 2014 Account Debit Credit Cash $ &nbs

Pete's Roofing, Inc.
Unadjusted Trial Balance
December 31, 2014

Account	Debit	Credit
Cash	$ 5,000
Accounts Receivable	20,000
Supplies	6,000
Prepaid Rent	10,500
Equipment	850,000
Accumulated Depreciation		235,000
Other Assets	65,000
Accounts Payable		10,500
Unearned Service Revenue		12,500
Note Payable		60,000
Common Stock		285,000
Retained Earnings		35,000
Service Revenue		625,000
Wages Expense	205,000
Rent Expense	92,600
Interest Expense	8,900
Totals	$ 1,263,000	$ 1,263,000


At year end, you have the following data for adjustments:

a. An analysis indicates that prepaid rent on December 31 should be $4,000

b. A physical inventory shows that $1,650 of office supplies is on hand.

c. Depreciation for 2014 is $40,000

d. An analysis indicates that unearned service revenue should be $6,500

e. Wages of $5,500 are owed but unpaid and unrecorded at year end.

f. Six month's interest at 5% on the note was paid on September 30. Interest
for the period October 1 to December 31 is unpaid and unrecorded.


REQUIRED:			Points

1. Prepare the adjusting entries.			5

2. After posting the adjusting entries, prepare an adjusted trial balance.			5

Expert Solution

Note: Accounts balances in adjusted trial balance is adjusted according to adjustment journal entries.

ekkarill92 answered 2 years ago

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