PR 3-4B Adjusting entries
Goldfinch Company specializes in the maintenance and repair of signs, such as billboards. On January 31, 2012, the accountant for Goldfinch Company prepared the following trial balances:
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Goldfinch Company
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Trial Balance
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January 31, 2012
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Unadjusted
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Adjusted
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Debit
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Credit
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Debit
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Credit
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Balances
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Balances
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Balances
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Balances
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Cash
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4,750
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4,750
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Accounts Receivable
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17,400
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17,400
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Supplies
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6,200
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1,475
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Prepaid Insurance
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9,000
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2,700
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Land
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50,000
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50,000
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Buildings
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120,000
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120,000
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Accumulated Depreciation-Buildings
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51,500
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60,000
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Trucks
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75,000
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75,000
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Accumulated Depreciation-Trucks
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12,000
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13,550
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Accounts Payable
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6,920
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8,000
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Salaries Payable
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-
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750
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Unearned Service Fees
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10,500
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6,000
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Marsha Parlik, Capital
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156,400
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156,400
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Marsha Parlik, Drawing
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7,500
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7,500
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Service Fees Earned
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162,680
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167,180
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Salary Expense
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80,000
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80,750
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Depreciation Expense-Trucks
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-
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1,550
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Rent Expense
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11,900
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11,900
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Supplies Expense
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-
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4,725
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Utilities Expense
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6,200
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7,280
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Depreciation Expense-Buildings
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-
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8,500
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Taxes Expense
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2,900
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2,900
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Insurance Expense
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-
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6,300
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Miscellaneous Expense
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9,150
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9,150
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400,000
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400,000
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411,880
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411,880
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Instructions
Journalize the seven entries that adjusted the accounts at January 31. None of the accounts were affected by more than one adjusting entry.