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PR 3-4B Adjusting entries
Goldfinch Company specializes in the maintenance and repair of signs, such as billboards. On January 31, 2012, the accountant for Goldfinch Company prepared the following trial balances:
Goldfinch Company
Trial Balance
January 31, 2012
Unadjusted
Adjusted
Debit
Credit
Balances
Cash
4,750
Accounts Receivable
17,400
Supplies
6,200
1,475
Prepaid Insurance
9,000
2,700
Land
50,000
Buildings
120,000
Accumulated Depreciation-Buildings
51,500
60,000
Trucks
75,000
Accumulated Depreciation-Trucks
12,000
13,550
Accounts Payable
6,920
8,000
Salaries Payable
-
750
Unearned Service Fees
10,500
6,000
Marsha Parlik, Capital
156,400
Marsha Parlik, Drawing
7,500
Service Fees Earned
162,680
167,180
Salary Expense
80,000
80,750
Depreciation Expense-Trucks
1,550
Rent Expense
11,900
Supplies Expense
4,725
Utilities Expense
7,280
Depreciation Expense-Buildings
8,500
Taxes Expense
2,900
Insurance Expense
6,300
Miscellaneous Expense
9,150
400,000
411,880
Instructions
Journalize the seven entries that adjusted the accounts at January 31. None of the accounts were affected by more than one adjusting entry.
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