Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. reece financial services co., which specializes in

Reece Financial Services Co., which specializes in appliance repair services, is owned and operated by...

70.2K

Verified Solution

Question

Accounting

Reece Financial Services Co., which specializes in appliance repair services, is owned and operated by Joni Reece. Reece Financial Services' accounting clerk prepared the following unadjusted trial balance at July 31, 2019:

image

The data needed to determine year-end adjustments are as follows:

Depreciation of building for the year, $6,400.

Depreciation of equipment for the year, $2,800.

Accrued salaries and wages at July 31, $900.

Unexpired insurance at July 31, $1,500.

Fees earned but unbilled on July 31, $10,200.

Supplies on hand at July 31, $615.

Rent unearned at July 31, $300.

Instructions

Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable, Rent Revenue, Insurance Expense, Depreciation ExpenseBuilding, Depreciation ExpenseEquipment, and Supplies Expense.

Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance

Reece Financial Services Co. Unadjusted Trial Balance July 31, 2019 Debit Balances Credit Balances 10,200 50,000 Building. 62,850 17,650 3,750 3,600 153,550 158,600 400,000 400,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students