Question

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. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

CHART OF ACCOUNTSEmerson CompanyGeneral Ledger

	ASSETS
11	Cash
12	Accounts Receivable
13	Prepaid Insurance
14	Supplies
15	Land
16	Building
17	Accumulated Depreciation-Building
18	Equipment
19	Accumulated Depreciation-Equipment

	LIABILITIES
21	Accounts Payable
22	Unearned Rent
23	Salaries and Wages Payable

	EQUITY
31	Suzanne Emerson, Capital
32	Suzanne Emerson, Drawing

	REVENUE
41	Fees Earned
42	Rent Revenue

	EXPENSES
51	Salaries and Wages Expense
52	Utilities Expense
53	Advertising Expense
54	Repairs Expense
55	Depreciation Expense-Building
56	Depreciation Expense-Equipment
57	Insurance Expense
58	Supplies Expense
59	Miscellaneous Expense

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

Emerson Company

ADJUSTED TRIAL BALANCE

October 31, 20Y6

	ACCOUNT TITLE	DEBIT	CREDIT
1	Cash
2	Accounts Receivable
3	Prepaid Insurance
4	Supplies
5	Land
6	Building
7	Accumulated Depreciation-Building
8	Equipment
9	Accumulated Depreciation-Equipment
10	Accounts Payable
11	Unearned Rent
12	Salaries and Wages Payable
13	Suzanne Emerson, Capital
14	Suzanne Emerson, Drawing
15	Fees Earned
16	Rent Revenue
17	Salaries and Wages Expense
18	Utilities Expense
19	Advertising Expense
20	Repairs Expense
21	Depreciation Expense-Building
22	Depreciation Expense-Equipment
23	Insurance Expense
24	Supplies Expense
25	Miscellaneous Expense
26	Totals

Emerson Company is a small editorial services company owned and operated by Suzanne Emerson. On October 31, 20Y6, Emerson Company’s accounting clerk prepared the following unadjusted trial balance:

Emerson Company

UNADJUSTED TRIAL BALANCE

October 31, 20Y6

	ACCOUNT TITLE	DEBIT	CREDIT
1	Cash	6,820.00
2	Accounts Receivable	34,940.00
3	Prepaid Insurance	6,550.00
4	Supplies	1,800.00
5	Land	102,400.00
6	Building	273,200.00
7	Accumulated Depreciation-Building		79,660.00
8	Equipment	123,110.00
9	Accumulated Depreciation-Equipment		89,130.00
10	Accounts Payable		11,060.00
11	Unearned Rent		6,140.00
12	Suzanne Emerson, Capital		338,000.00
13	Suzanne Emerson, Drawing	14,000.00
14	Fees Earned		295,320.00
15	Salaries and Wages Expense	175,950.00
16	Utilities Expense	38,560.00
17	Advertising Expense	20,750.00
18	Repairs Expense	15,700.00
19	Miscellaneous Expense	5,530.00
20	Totals	819,310.00	819,310.00

Answer 1

Solution :

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	Journal
Date	Account Title and Explanations	Amount	Amount
		Debit	Credit
a	Insurance Expense	6,000.00
	To Prepaid Insurance		6,000.00
	(Being insurance expired booked as an expense)
b	Supplies Expense	1,190.00
	To Supplies		1,190.00
	(Being supplies consumed booked as an expense)
c	Depriciation	10,920.00
	To Accumulated Deprication -Building		10,920.00
	(Being depriciation charged on building)
d	Depriciation	7,830.00
	To Accumulated Deprication -Equipment		7,830.00
	(Being depriciation charged on equipment)
e	Unearned Rent	4,090.00
	To Rent Revenue		4,090.00
	(Being rent revenue recognised)
f	Salaries and Wages	2,550.00
	To Salaries and Wages Payable		2,550.00
	(Being salaries and wages outstanding)
g	Accounts Receivable	9,140.00
	To Fees Earned		9,140.00
	(Being unbilled fees recognized)
Total		41,720.00	41,720.00

	Trial Balance
			October 31, 2016
			Debit	Credit
	Cash		6,820.00
	Accounts receivable		44,080.00
	Prepaid Insurance		550.00
	Supplies		610.00
	Land		102,400.00
	Building		273,200.00
	Accumulated Depriciation - Building			90,580.00
	Equipment		123,110.00
	Accumulated Depriciation - Equipment			96,960.00
	Accounts Payable			11,060.00
	Salaries and Wages Payables			2,550.00
	Unearned Rent			2,050.00
	Rent Revenue			4,090.00
	Szanne Emerson, Capital			338,000.00
	Szanne Emerson, Drawings		14,000.00
	Fees Earned			304,460.00
	Salaries and Wages		178,500.00
	Utilities Expenses		38,560.00
	Advertising Expenses		20,750.00
	Repairs Expenses		15,700.00
	Miscellaneous Expenes		5,530.00
	Supplies Expense		1,190.00
	Insurance Expense		6,000.00
	Depriciation Expense		18,750.00
	Total		849,750.00	849,750.00

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