Question

Nolan’s Home Appraisals

Worksheet

For Month Ended October 31, 20 - -

1		TRIAL BALANCE	TRIAL BALANCE	ADJUSTMENTS	ADJUSTMENTS
2	ACCOUNT TITLE	DEBIT	CREDIT	DEBIT	CREDIT
3	Cash	830.00
4	Accounts Receivable	760.00
5	Supplies	625.00			415.00
6	Prepaid Insurance	950.00			150.00
7	Automobile	6,500.00
8	Accumulated Depreciation—Automobile				250.00
9	Accounts Payable		1,500.00
10	Wages Payable				175.00
11	Val Nolan, Capital		9,900.00
12	Val Nolan, Drawing	1,100.00
13	Appraisal Fees		3,000.00
14	Wages Expense	1,560.00		175.00
15	Advertising Expense	420.00
16	Rent Expense	1,050.00
17	Supplies Expense			415.00
18	Phone Expense	255.00
19	Insurance Expense			150.00
20	Repair Expense	270.00
21	Oil and Gas Expense	80.00
22	Depreciation Expense—Automobile			250.00
23		$14,400.00	$14,400.00	$990.00	$990.00

CHART OF ACCOUNTSNolan’s Home AppraisalsGeneral Ledger

	ASSETS
101	Cash
122	Accounts Receivable
141	Supplies
145	Prepaid Insurance
181	Office Equipment
185.1	Accumulated Depreciation-Automobile

	LIABILITIES
202	Accounts Payable
219	Wages Payable

	EQUITY
311	Val Nolan, Capital
312	Val Nolan, Drawing
313	Income Summary

	REVENUE
401	Appraisal Fees

	EXPENSES
511	Wages Expense
512	Advertising Expense
521	Rent Expense
523	Supplies Expense
525	Phone Expense
535	Insurance Expense
538	Oil and Gas Expense
541	Depreciation Expense-Automobile
549	Miscellaneous Expense

PAGE 3

GENERAL JOURNAL

	DATE	ACCOUNT TITLE	POST. REF.	DEBIT	CREDIT
1		Adjusting Entries
2
3
4
5
6
7
8
9

GENERAL LEDGER

Account: Supplies141Account No.

	DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
						DEBIT	CREDIT
1	Oct. 2		J1	625.00		625.00
2

Account: Prepaid Insurance145Account No.

Account: Accumulated Depreciation-Automobile185.1Account No.

Account: Wages Payable219Account No.

Account: Wages Expense511Account No.

Account: Supplies Expense523Account No.

Account: Insurance Expense535Account No.

Account: Depreciation Expense-Automobile541Account No.

Required:

1.	Journalize the adjusting entries on page 3 of the general journal.
2.	Post the adjusting entries to the general ledger.

Answer 1

Part 1

GENERAL JOURNAL (Adjusting Entries)
DATE	ACCOUNT TITLE	POST. REF.	DEBIT	CREDIT
October 31	Supplies expense	523	415
	Supplies	141		415
	(To record supply used during the period.)
October 31	Insurance expense	535	150
	Prepaid insurance	145		150
	(To record expired insurance.)
October 31	Depreciation expense—Automobile	541	250
	Accumulated depreciation—Automobile	185		250
	(To record depreciation expense)
October 31	Wages expense	511	175
	Wages payable	219		175
	(To record wages expense this paid in future.)

Part 2

GENERAL LEDGER
Account:	Supplies expense			Account No	523
DATE	ITEM	POST. REF.	DEBIT	CREDIT	Balance
Unadj. Bal	Unadjusted balance				-
Adj (Oct 31)	Adjusting entry for supplies	J3	415		415
Account:	Supplies			Account No	141
DATE	ITEM	POST. REF.	DEBIT	CREDIT	Balance
Unadj. Bal	Unadjusted balance				625
Adj (Oct 31)	Adjusting entry for supplies	J3		415	210
Account:	Insurance expense			Account No	535
DATE	ITEM	POST. REF.	DEBIT	CREDIT	Balance
Unadj. Bal	Unadjusted balance				-
Adj (Oct 31)	Adjusting entry for insurance	J3	150		150
Account:	Prepaid insurance			Account No	145
DATE	ITEM	POST. REF.	DEBIT	CREDIT	Balance
Unadj. Bal	Unadjusted balance				950
Adj (Oct 31)	Adjusting entry for insurance	J3		150	800
Account:	Depreciation expense—Automobile			Account No	541
DATE	ITEM	POST. REF.	DEBIT	CREDIT	Balance
Unadj. Bal	Unadjusted balance				-
Adj (Oct 31)	Adjusting entry for insurance	J3	250		250
Account:	Accumulated depreciation—Automobile			Account No	185
DATE	ITEM	POST. REF.	DEBIT	CREDIT	Balance
Unadj. Bal	Unadjusted balance				-
Adj (Oct 31)	Adjusting entry for insurance	J3		250	250
Account:	Wages expense			Account No	511
DATE	ITEM	POST. REF.	DEBIT	CREDIT	Balance
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