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	38,250.00
2	Accounts Receivable	89,500.00
3	Supplies	11,250.00
4	Prepaid Insurance	14,250.00
5	Equipment	290,450.00
6	Accumulated Depreciation-Equipment		94,500.00
7	Automobiles	129,500.00
8	Accumulated Depreciation-Automobiles		54,750.00
9	Accounts Payable		24,930.00
10	Salaries Payable
11	Unearned Service Fees		18,000.00
12	Common Stock		100,000.00
13	Retained Earnings		224,020.00
14	Dividends	75,000.00
15	Service Fees Earned		733,800.00
16	Salaries Expense	516,900.00
17	Rent Expense	54,000.00
18	Supplies Expense
19	Depreciation Expense-Equipment
20	Depreciation Expense-Automobiles
21	Utilities Expense	12,900.00
22	Taxes Expense	8,175.00
23	Insurance Expense
24	Miscellaneous Expense	9,825.00
25	Totals	1,250,000.00	1,250,000.00

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.

Adjusted Trial Balance

Good Note Company

ADJUSTED TRIAL BALANCE

November 30, 2016

	ACCOUNT TITLE	DEBIT	CREDIT
1	Cash	38,250.00
2	Accounts Receivable	89,500.00
3	Supplies	2,400.00
4	Prepaid Insurance	3,850.00
5	Equipment	290,450.00
6	Accumulated Depreciation-Equipment		106,100.00
7	Automobiles	129,500.00
8	Accumulated Depreciation-Automobiles		62,050.00
9	Accounts Payable		26,130.00
10	Salaries Payable		8,100.00
11	Unearned Service Fees		9,000.00
12	Common Stock		100,000.00
13	Retained Earnings		224,020.00
14	Dividends	75,000.00
15	Service Fees Earned		742,800.00
16	Salaries Expense	525,000.00
17	Rent Expense	54,000.00
18	Supplies Expense	8,850.00
19	Depreciation Expense-Equipment	11,600.00
20	Depreciation Expense-Automobiles	7,300.00
21	Utilities Expense	14,100.00
22	Taxes Expense	8,175.00
23	Insurance Expense	10,400.00
24	Miscellaneous Expense	9,825.00
25	Totals	1,278,200.00	1,278,200.00

Chart of Accounts

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

Journal

Shaded cells have feedback.

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.

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JOURNAL

Score: 87/176

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
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