| AC2760 |
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| Week 3 Assignment |
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| Read the following scenario, and complete the form on the following worksheet: |
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| Jacksonville Financial Services Co., which specializes in appliance repair services, is owned and operated by Cindy Latty. Jacksonville Financial Services Co.”s accounting clerk prepared the unadjusted trial balance at December 31, 2011, shown below. |
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Jacksonville Financial Services Co. |
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Unadjusted Trial Balance |
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December 31, 2011 |
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Debit |
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Credit |
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Balances |
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Balances |
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| Cash |
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10,200 |
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| Accounts Receivable |
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34,750 |
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| Prepaid Insurance |
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6,000 |
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| Supplies |
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1,725 |
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| Land |
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50,000 |
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| Building |
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80,750 |
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| Accumulated Depreciation — Building |
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37,850 |
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| Equipment |
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45,000 |
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| Accumulated Depreciation — Equipment |
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17,650 |
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| Accounts Payable |
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3,750 |
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| Unearned Rent |
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3,600 |
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| Capital Stock |
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25,000 |
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| Retained Earnings |
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78,550 |
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| Dividends |
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8,000 |
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| Fees Earned |
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1,58,600 |
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| Salaries and Wages Expense |
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56,850 |
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| Utilities Expense |
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14,100 |
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| Advertising Expense |
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7,500 |
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| Repairs Expense |
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6,100 |
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| Miscellaneous Expense |
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4,025 |
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3,25,000 |
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3,25,000 |
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| The data needed to determine year end adustments are as follows: |
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| (a) |
Depreciation of building for the year, $2,100. |
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| (b) |
Depreciation of equipment for the year, $3000. |
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| (c) |
Accrued salaries and wages at December 31, $800. |
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| (d) |
Unexpired insurance at December 31, $1,500. |
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| (e) |
Fees earned but unbilled on December 31, $2,150. |
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| (f) |
Supplies on hand at December 31, $600. |
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| (g) |
Rent unearned at December 31, $1,500. |
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| Please use the drop-down list (right of the cell) to enter the account description box on the worksheet. |
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| To Do: |
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| Using the form provided on the next worksheet, journalize the adjusting entries. Add additional accounts as needed. |
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August 15th, 2017 
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