Please make the Adjusting entries. Trial BalanceJuly 31,2012ParticularsDebitCreditCash7,500.00|Account receivable38,400.00Prepaid insurance7,200.00Supplies1,980.00Land112,500.00BuildingAccumulated depreciation-Bldg200,250.00137,550.00Equipment135,300.00Accumulated depreciation-EquipmentAccount payable97,950.0012,150.00Unearned rent6,750.00M. C. Guevarra, CapitalM.C. Guevarra, DrawingFees earned221,000.0015,000.00324,600.00| Salaries and WagesUtilities expenseAdvertising expenseRepairs expenseMiscellaneous expense193,370.0042,375.0022,800.0017,250.006,075.00800,000.00800,000.00Data needed to determine the year-end adjustments are as follows:a. Unexpired insurance at July 31, P4,800.00.| b. Supplies on hand at July 31, P600.00c. Depreciation of building for the year, P3,100.00d. Depreciation of equipment for the year, P2,700.00e. Rent unearned at July 31, P1,750.00f. Accrued salaries and wages at July 31, P3,000.00|g. Fees earned but unbilled on July 31, P10,750.00

The adjustment entries are prepared to adjust the revenues and expenses of the current period.

Answered: Data needed to determine the year-end…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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