Express adjusting entries

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Reference no: EM13504749

Adjusting entries

Timken Company specializes in the repair of music equipment and is owned and operated by Secilia Timken. On April 30, 2012, the end of the current year, the accountant for Timken Company prepared the following trial balances:

Timken Company




Trial Balance




April 30, 2012





Unadjusted

Adjusted


Debit

Credit

Debit

Credit


Balances

Balances

Balances

Balances

Cash

38,250


38,250


Accounts Receivable

109,500


109,500


Supplies

11,250


3,500


Prepaid Insurance

14,250


2,700


Equipment

360,450


360,450


Accumulated Depreciation-Equipment


94,500


107,000

Automobiles

109,500


109,500


Accumulated Depreciation-Automobiles


54,750


57,500

Accounts Payable


24,930


26,000

Salaries Payable


-


7,500

Unearned Service Fees


18,000


6,000

Secilia Timken, Capital


394,020


394,020

Secilia Timken, Drawing

75,000


75,000


Service Fees Earned


733,800


745,800

Salary Expense

516,900


524,400


Rent Expense

54,000


54,000


Supplies Expense

-


7,750


Depreciation Expense-Equipment

-


12,500


Depreciation Expense-Automobiles

-


2,750


Utilities Expense

12,900


13,970


Taxes Expense

8,175


8,175


Insurance Expense

-


11,550


Miscellaneous Expense

9,825


9,825



1,320,000

1,320,000

1,343,820

1,343,820

Instructions

Journalize the seven entries that adjusted the accounts at June 30. None of the accounts were affected by more than one adjusting entry.

Reference no: EM13504749

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