Editorial Services Co. Trial Balances March 31, 2014 Unadjusted Adjusted Debit Balances Credit Balances Debit Balances Credit Balances Cash .......................................... 8 8 Accounts Receivable............................ 19 22 Supplies....................................... 6 5 Prepaid Insurance .............................. 10 4 Land .......................................... 13 13 Equipment..................................... 20 20 Accumulated Depreciation—Equipment ......... 4 6 Accounts Payable .............................. 13 13 Wages Payable................................. 0 1 Valerie Nolan, Capital........................... 46 46 Valerie Nolan, Drawing ......................... 4 4 Fees Earned.................................... 37 40 Wages Expense ................................ 12 13 Rent Expense .................................. 4 4 Insurance Expense ............................. 0 6 Utilities Expense ............................... 2 2 Depreciation Expense .......................... 0 2 Supplies Expense............................... 0 1 Miscellaneous Expense ......................... 2 2 100 100 106 106
Journalize the five entries that adjusted the accounts at March 31, 2014. None of the accounts were affected by more than one adjusting entry.
Answer:
1. Accounts Receivable 3 Fees Earned 3 Accrued fees earned. 2. Supplies Expense 1 Supplies 1 Supplies used. 3. Insurance Expense 6 Prepaid Insurance 6 Insurance expired. 4. Depreciation Expense 2 Accumulated Depreciation—Equipment 2 Equipment depreciation. 5. Wages Expense 1 Wages Payable 1 Accrued wages.