Reference no: EM133975482

Problem

Pikeville Inn Company Unadjusted Trial Balance December 31, 2024 Adjustment data at December 31 follow: a. As of December 31, Pikeville had $ 1,100 of Prepaid Insurance remaining. b. At the end of the month, Pikeville had $ 300 of office supplies remaining. c. Depreciation on the building is $ 3,400. d. Pikeville pays its employees weekly on Friday. Its employees earn $ 2,500 for a five-day workweek. December 31 falls on Tuesday this year. e. On November 20, Pikeville contracted to perform services for a client receiving $ 3,000 in advance. Pikeville recorded this receipt of cash as Unearned Revenue. As of December 31, Pikeville has $ 1,300 still unearned. Balance Account Title Debit Credit Cash $12,700 Accounts Receivable 12,300 Prepaid Insurance 3,600 Office Supplies 1,000 Building 420,000 Accumulated Depreciation-Building $325,000 Accounts Payable 1,820 Salaries Payable Unearned Revenue 3,000 Common Stock 109,060 Dividends 1,500 Service Revenue 16,300 Salaries Expense 3,100 Insurance Expense Depreciation Expense-Building Advertising Expense 980 Supplies Expense Total $455,180 $455,180.

A. Journalize the adjusting entries on December 31. Get the instant assignment help.

B. The four-column ledger accounts have been opened for you using the unadjusted trial balance. Post the adjusting entries to the ledger accounts.

C. Prepare the adjusted trial balance.