Question

In: Accounting

ollowing is the Unadjusted Trial Balance of Dawes Delivery - a proprietorship. This trial balance was...

ollowing is the Unadjusted Trial Balance of Dawes Delivery - a proprietorship.

This trial balance was prepared at the close of business on December 31, 2019,

the company's year-end:

Dawes Delivery

Unadjusted Trial Balance

December 31, 2019

Account

Debits

Credits

Cash

9,590

Prepaid Insurance

1,500

Office Supplies

250

Office Equipment

5,000

Accumulated Depreciation - Office Equipment

2,000

Building

50,000

Accumulated Depreciation - Building

10,000

Vehicle-Truck

30,000

Accumulated Depreciation - Truck

6,000

Accounts Payable

2,105

Unearned Revenue

2,400

D. Dawes, Capital

70,935

D. Dawes, Withdrawals

7,000

Service Revenue

42,530

Administration Expense

1,620

Building Rent Expense

8,400

Utilities Expense

960

Wages Expense

21,650

135,970

Additional Information:

a)

The Prepaid insurance is for a policy that was purchased on July 1 2019, and is

for one year.

b)

Office supplies still on hand at December 31, 2019, amounted to $60.

c)

Office Equipment & Truck have an estimated useful life of 5 years with no

expected salvage value. Take a full year of depreciation.

d)

The Building has an estimated useful life of 20 years with no expected salvage

value. Take a full year of depreciation

e)

The Unearned revenue is for 12 monthly deliveries to a local restaurant ($200

per delivery) beginning on October 1, 2019 and paid in advance on that date.

f)

Dawes performed a delivery job on December 30 2019, for $300. The bill did

not make it into the accounting records for year end.

g)

The bookkeeper had paid the owner's household utility bills, amounting to

$135, through the company by charging these bills to utility expense.

h)

Accrued, but unpaid, wages to December 31, 2019 amounted to $750.

i)

The company leased its unused space in the building and signed a contract on

December 15, 2019, with Terrace Agencies. The monthly rent of $150 was

payable by Terrace in advance on the 15th of each month. The 1st payment

was owed by Terrace Agencies on January 15, 2020

Prepare the adjusting journal entries for the company’s year end. . If no journal

entry is required, write the date and “No entry”

Expert Solution

ekkarill92 answered 1 year ago

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