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I am having trouble making an income statement, Statement of owner's equity, and Balance sheet out of this information

Chapter 3 Assignment 10-01-2018

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Adjusting Entries and Adjusted Trial Balances

Reece Financial Services Co., which specializes in appliance repair services, is owned and operated by Joni Reece. Reece Financial Services’ accounting clerk prepared the following unadjusted trial balance at July 31, 2019:

Reece Financial Services Co.
Unadjusted Trial Balance
July 31, 2019
	Debit Balances		Credit Balances
Cash	10,200
Accounts Receivable	34,750
Prepaid Insurance	6,000
Supplies	1,725
Land	50,000
Building	155,750
Accumulated Depreciation—Building			62,850
Equipment	45,000
Accumulated Depreciation—Equipment			17,650
Accounts Payable			3,750
Unearned Rent			3,600
Joni Reece, Capital			153,550
Joni Reece, 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
	400,000		400,000

The data needed to determine year-end adjustments are as follows:

Required:

Depreciation of building for the year, $6,400.

Depreciation of equipment for the year, $2,800.

Accrued salaries and wages at July 31, $900.

Unexpired insurance at July 31, $1,500.

Fees earned but unbilled on July 31, $10,200.

Supplies on hand at July 31, $615.

Rent unearned at July 31, $300.

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.

July 31	Depreciation Expense-Building
	Accumulated Depreciation-Building
31	Depreciation Expense-Equipment
	Accumulated Depreciation-Equipment
31	Salaries and Wages Expense
	Salaries and Wages Payable
31	Insurance Expense
	Prepaid Insurance
31	Accounts Receivable
	Fees Earned
31	Supplies Expense
	Supplies
31	Unearned Rent
	Rent Revenue

2. Determine the balances of the accounts affected by the adjusting entries, and prepare an adjusted trial balance. If an amount box does not require an entry, leave it blank.

Reece Financial Services Co.
Adjusted Trial Balance
July 31, 2019
	Debit Balances	Credit Balances
Cash
Accounts Receivable
Prepaid Insurance
Supplies
Land
Building
Accumulated Depreciation-Building
Equipment
Accumulated Depreciation-Equipment
Accounts Payable
Unearned Rent
Salaries and Wages Payable
Joni Reece, Capital
Joni Reece, Drawing
Fees Earned
Rent Revenue
Salaries and Wages Expense
Utilities Expense
Advertising Expense
Depreciation Expense-Building
Repairs Expense
Insurance Expense
Depreciation Expense-Equipment
Supplies Expense
Miscellaneous Expense
Total

2 Check My Works used

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Answer 1

1. Journalize the adjusting entries

Date	account and explanation	debit	credit
July 31	Depreciation Expense-Building	6400
	Accumulated Depreciation-Building		6400
July 31	Depreciation Expense-Equipment	2800
	Accumulated Depreciation-Equipment		2800
July 31	Salaries and Wages Expense	900
	Salaries and Wages payable		900
July 31	Insurance Expense	4500
	Prepaid insurance		4500
July 31	Accounts Receivable	10200
	Fees earned		10200
July 31	Supplies Expense	1110
	Supplies		1110
July 31	Unearned Rent	3300
	Rent revenue		3300

2. Determine the balances of the accounts affected by the adjusting entries, and prepare an adjusted trial balance

	Debit	Credit
Cash	10200
Accounts Receivable	44950
Prepaid Insurance	1500
Supplies	615
Land	50000
Building	155750
Accumulated Depreciation-Building		69250
Equipment	45000
Accumulated Depreciation—Equipment		20450
Accounts Payable		3750
Unearnd rent		300
Salary and wages payable		900
Joni Reece, Capital		153550
Joni Reece, drawing	8000
Fees earned		168800
Rent revenue		3300
Salaries and Wages Expense	57750
Utilities expense	14100
Advertising Expense	7500
Depreciation Expense-Building	6400
Repairs expense	6100
Miscellaneous Expense	4025
Depreciation Expense-Equipment	2800
Insurance Expense	4500
Supplies expense	1110
Total	420300	420300