Good Note Company specializes in the repair of music equipment and is owned and operated by Robin Stahl. On November 30, 2016, the end of the current year, the accountant for Good Note Company prepared an unadjusted trial balance and an adjusted trial balance.
Good Note Company UNADJUSTED TRIAL BALANCE November 30, 2016
|
ACCOUNT TITLE
|
DEBIT
|
CREDIT
|
|
1
|
Cash
|
38,080.00
|
|
|
2
|
Accounts Receivable
|
90,280.00
|
|
|
3
|
Supplies
|
11,100.00
|
|
|
4
|
Prepaid Insurance
|
14,720.00
|
|
|
5
|
Equipment
|
290,735.00
|
|
|
6
|
Accumulated Depreciation-Equipment
|
|
94,385.00
|
|
7
|
Automobiles
|
128,730.00
|
|
|
8
|
Accumulated Depreciation-Automobiles
|
|
54,060.00
|
|
9
|
Accounts Payable
|
|
25,760.00
|
|
10
|
Salaries Payable
|
|
|
|
11
|
Unearned Service Fees
|
|
17,410.00
|
|
12
|
Common Stock
|
|
109,000.00
|
|
13
|
Retained Earnings
|
|
212,035.00
|
|
14
|
Dividends
|
74,980.00
|
|
|
15
|
Service Fees Earned
|
|
739,500.00
|
|
16
|
Salaries Expense
|
518,000.00
|
|
|
17
|
Rent Expense
|
54,365.00
|
|
|
18
|
Supplies Expense
|
|
|
|
19
|
Depreciation Expense-Equipment
|
|
|
|
20
|
Depreciation Expense-Automobiles
|
|
|
|
21
|
Utilities Expense
|
12,615.00
|
|
|
22
|
Taxes Expense
|
7,790.00
|
|
|
23
|
Insurance Expense
|
|
|
|
24
|
Miscellaneous Expense
|
10,755.00
|
|
|
25
|
Totals
|
1,252,150.00
|
1,252,150.00
|
Compare the unadjusted trial balance to the adjusted trial balance. Journalize the seven entries that adjusted the accounts at November 30. None of the accounts were affected by more than one adjusting entry. Refer to the Chart of Accounts for exact wording of account titles.
Good Note Company ADJUSTED TRIAL BALANCE November 30, 2016
|
ACCOUNT TITLE
|
DEBIT
|
CREDIT
|
|
1
|
Cash
|
38,080.00
|
|
|
2
|
Accounts Receivable
|
90,280.00
|
|
|
3
|
Supplies
|
1,920.00
|
|
|
4
|
Prepaid Insurance
|
3,580.00
|
|
|
5
|
Equipment
|
290,735.00
|
|
|
6
|
Accumulated Depreciation-Equipment
|
|
105,605.00
|
|
7
|
Automobiles
|
128,730.00
|
|
|
8
|
Accumulated Depreciation-Automobiles
|
|
62,295.00
|
|
9
|
Accounts Payable
|
|
26,975.00
|
|
10
|
Salaries Payable
|
|
7,415.00
|
|
11
|
Unearned Service Fees
|
|
8,635.00
|
|
12
|
Common Stock
|
|
109,000.00
|
|
13
|
Retained Earnings
|
|
212,035.00
|
|
14
|
Dividends
|
74,980.00
|
|
|
15
|
Service Fees Earned
|
|
748,275.00
|
|
16
|
Salaries Expense
|
525,415.00
|
|
|
17
|
Rent Expense
|
54,365.00
|
|
|
18
|
Supplies Expense
|
9,180.00
|
|
|
19
|
Depreciation Expense-Equipment
|
11,220.00
|
|
|
20
|
Depreciation Expense-Automobiles
|
8,235.00
|
|
|
21
|
Utilities Expense
|
13,830.00
|
|
|
22
|
Taxes Expense
|
7,790.00
|
|
|
23
|
Insurance Expense
|
11,140.00
|
|
|
24
|
Miscellaneous Expense
|
10,755.00
|
|
|
25
|
Totals
|
1,280,235.00
|
1,280,235.00
|
|
CHART OF ACCOUNTS
|
|
Good Note Company
|
|
General Ledger
|
|
ASSETS
|
|
11
|
Cash
|
|
12
|
Accounts Receivable
|
|
13
|
Supplies
|
|
14
|
Prepaid Insurance
|
|
16
|
Equipment
|
|
17
|
Accumulated Depreciation-Equipment
|
|
18
|
Automobiles
|
|
19
|
Accumulated Depreciation-Automobiles
|
|
LIABILITIES
|
|
21
|
Accounts Payable
|
|
22
|
Salaries Payable
|
|
23
|
Unearned Service Fees
|
|
EQUITY
|
|
31
|
Common Stock
|
|
32
|
Retained Earnings
|
|
33
|
Dividends
|
|
|
REVENUE
|
|
41
|
Service Fees Earned
|
|
EXPENSES
|
|
51
|
Salaries Expense
|
|
52
|
Rent Expense
|
|
53
|
Supplies Expense
|
|
54
|
Depreciation Expense-Equipment
|
|
55
|
Depreciation Expense-Automobiles
|
|
56
|
Utilities Expense
|
|
57
|
Taxes Expense
|
|
58
|
Insurance Expense
|
|
59
|
Miscellaneous Expense
|
|