Jeckle Company Ltd. has the following unadjusted trial balance as of March 31, 2019: Accounts Debit...

Jeckle Company Ltd. has the following unadjusted trial balance as of March 31, 2019:

Accounts	Debit	Credit
Cash	1,600
Accounts Receivable	4,500
Supplies	1,900
Prepaid Rent	1,500
Land	23,000
Building	50,000
Accumulated Depreciation—Building		8,500
Store Equipment	26,000
Accumulated Depreciation—Store Equipment		14,625
Accounts Payable		6,000
Notes Payable		2,500
Unearned Fees		8,175
Jeckle capital		34,000
Fees earned		35,000
Rent expense	300
	$108,800	$108,800

The following adjustment data was assembled by A. Gabourel who is the Accountant for Jeckle Ltd.:

A) Supplies used for the period were $1,225.

B) Depreciation on the building is $2,500.

C) Depreciation on the Store Equipment is $3,125.

D) Prepaid Rent unexpired is $900.

E) Twenty percent of the Unearned Fees has been earned.

F) Salaries incurred but unpaid is $5,000.

Journalize the adjusting journal entries on March 31, 2019 – the end of the acctg period. (10 pts)

Prepare an adjusted trial balance. (7 pts)

State how the financial statements would have been affected if the adjusting entry for (E) was omitted. (4 pts)

Expert Solution

ekkarill92 answered 1 year ago

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