Problem 3 trial adjustment

Business Finance

The data needed to determine adjustments are as follows:

  • During July, PS Music provided guest disc jockeys for KXMD for a total of 115 hours. For information on the amount of the accrued revenue to be billed to KXMD, see the contract described in the July 3 transaction at the end of Chapter 2.
  • Supplies on hand at July 31, $275.
  • The balance of the prepaid insurance account relates to the July 1 transaction in Chapter 2.
  • Depreciation of the office equipment is $50.
  • The balance of the unearned revenue account relates to the contract between PS Music and KXMD, described in the July 3 transaction in Chapter 2.
  • Accrued wages as of July 31 were $140.

Instructions

  • Prepare adjusting journal entries. You will need the following additional accounts:
    • 18 Accumulated Depreciation—Office Equipment
    • 22 Wages Payable
    • 57 Insurance Expense
    • 58 Depreciation Expense
  • Post the adjusting entries, inserting balances in the accounts affected.
  • Prepare an adjusted trial balance.

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