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(Solution) - Rowland Company is a small editorial services company owned and

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Rowland Company is a small editorial services company owned and operated by Marlene Rowland. On August 31, 2018, the end of the current year, Rowland Company's accounting clerk prepared the following unadjusted trial balance:

The data needed to determine year-end adjustments are as follows: Unexpired insurance at August 31, $6,000. Supplies on hand at August 31, $480. Depreciation of building for the year, $7,500. Depreciation of equipment for the year, $4,150. Rent unearned at August 31, $1,550. Accrued salaries and wages at August 31, $3,200. Fees earned but unbilled on August 31, $11,330.
1. Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable; Rent Revenue; Insurance Expense; Depreciation Expense-Building; Depreciation Expense-Equipment; and Supplies Expense.
2. Determine the balances of the accounts affected by the adjusting entries, and prepare an adjusted trial balance.


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This question was answered on: Jul 11, 2017

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