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The trial balance of State Service Company at December 31, 2009, which is the ending of its year-long accounting period, is presented below. Data required for adjusting entries include:

a. Supplies on hand at year’s end,                      $2,000.
b. Depreciation on furniture and fixtures,           $10,000.
c. Depreciation on building,                               $25,000.
d. Salaries owed but not yet paid                      $15,000.
e. Accrued service revenue,                              $20,000.
f. Of the $45,000 balance of unearned service revenue, $25,000 was still unearned at the end of the year.

State Service Company

Trial Balance

December 31, 2009

                                                                  Debit                                   Credit
Cash                                                       $200,000    
Accounts Receivable                                   372,000    
Supplies                                                       6,000    
Furniture and Fixtures                                100,000    
Accumulated Depreciation – Furniture and Fixtures                                    $40,000
Building                                                     250,000    
Accumulated Depreciation – Building                                                         130,000
Accounts Payable                                                                                   380,000
Salary Payable        
Unearned Service Revenue                                                                        45,000
Mr. X, Capital                                                                                        293,000
Owner’s Withdrawals                                   65,000    
Service Revenue                                                                                   288,000
Salary Expense                                          170,000    
Supplies Expense        
Depreciation Expense – Furniture & Fixtures        
Depreciation Expense – Building        
Miscellaneous Expense                                 13,000    
Total                                                     $ 1,176,000                        $ 1,176,000

Required:

1. Journalize State Service Company’s adjusting entries at December 31, 2009.
2. Demonstrate T-Accounts for all the accounts and post the adjusting entries to appropriate T-Accounts (please apply account numbers on your own for reference).
3. Make the Adjusted Trial Balance.
4. Make Income Statement, Statement of Owner’s Equity, and Balance Sheet at December 31, 2009 from adjusted trial balance.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M91277

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