The following unadjusted and adjusted trial balances are from the current year's accounting system for Excelsior. Excelsior
Trial Balances
For Year Ended December 31
?UnadjustedTrial BalanceAdjustedTrial Balance?DebitCreditDebitCreditCash11,300?11,300?Accounts receivable16,340?17,140?Office supplies1,145?645?Prepaid advertising1,000?450?Building26,700?26,700?Accumulated depreciation-Building …?1,300?6,300Accounts payable ……………………...?3,320?3,500Unearned services revenue ……………?4,410?3,010Common stock ……………………….?10,000?10,000Retained earnings ……………………….?7,905?7,905Services revenue…………………….?72,400?74,600Salaries expense ……………………….34,500?34,500?Utilities expense………………….. 5,450? 5,630?Advertising expense …………………….. 2,900? 3,450?Supplies expense ………………………..?? 500?Depreciation expense- building………….?? 5,000?Totals………………….99,33599,335105,315 105,315Present the six adjusting entries in general journal form that explain the changes in the account balances from the unadjusted to the adjusted trial balance.
What will be an ideal response?
| a. | Dec. 31 | Accounts Receivable | 800 | ? |
| ? | ? | Services Revenue | ? | 800 |
| ? | ? | To adjust for revenues earned but not yet collected. | ? | ? |
| b. | Dec. 31 | Supplies Expense | 500 | ? |
| ? | ? | Office Supplies | ? | 500 |
| ? | ? | To adjust for supplies used. | ? | ? |
| c. | Dec. 31 | Advertising Expense | 550 | ? |
| ? | ? | Prepaid Advertising | ? | 550 |
| ? | ? | To adjust for advertising services used. | ? | ? |
| d. | Dec. 31 | Depreciation Expense-Building | 5,000 | ? |
| ? | ? | Accumulated Depreciation- | ? | ? |
| ? | ? | Building | ? | 5,000 |
| ? | ? | To record depreciation. | ? | ? |
| e. | Dec. 31 | Utilities Expense | 180 | ? |
| ? | ? | Accounts Payable | ? | 180 |
| ? | ? | To adjust for accrued utilities expense. | ? | ? |
| f. | Dec. 31 | Unearned Services Revenue | 1,400 | ? |
| ? | ? | Services Revenue | ? | 1,400 |
| ? | ? | To adjust for earned revenue previously collected. | ? | ? |
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