Question

Good Note Company specializes in the repair of music equipment and is owned and operated by Robin Stahl. On November 30, 2019, the end of the current year, the accountant for Good Note prepared the following trial balances:

Good Note Company

Trial Balance

November 30, 2019

Unadjusted Adjusted

Debit

Balances Credit

Balances Debit

Balances Credit

Balances

Cash 31,080 31,080

Accounts Receivable 89,040 89,040

Supplies 9,240 2,860

Prepaid Insurance 11,760 2,230

Equipment 421,100 421,100

Accumulated Depreciation—Equipment 76,860 86,850

Automobiles 93,240 93,240

Accumulated Depreciation—Automobiles 44,520 46,750

Accounts Payable 20,160 20,970

Salaries Payable — 6,300

Unearned Service Fees 14,700 5,100

Robin Stahl, Capital 449,000 449,000

Robin Stahl, Drawing 60,900 60,900

Service Fees Earned 599,990 609,590

Salary Expense 419,990 426,290

Rent Expense 43,680 43,680

Supplies Expense — 6,380

Depreciation Expense—Equipment — 9,990

Depreciation Expense—Automobiles — 2,230

Utilities Expense 10,500 11,310

Taxes Expense 6,720 6,720

Insurance Expense — 9,530

Miscellaneous Expense 7,980 7,980

1,205,230 1,205,230 1,224,560 1,224,560

Required:

Journalize the seven entries that adjusted the accounts at November 30. None of the accounts were affected by more than one adjusting entry.

2019 Nov.30

Supplies Expense

Supplies

30

Insurance Expense

Prepaid Insurance

30

Depreciation Expense - Equipment

Accumulated Depreciation - Equipment

30

Depreciation Expense - Automobiles

Accumulated Depreciation - Automobiles

30

Utilities Expense

Accounts Payable

30

Salary Expense

Salaries Payable

30

Unearned Service Fees

Service Fees Earned

Check My Work2 more Check My Work uses remaining.

Answer 1