problem 3 trial adjustment
The data needed to determine adjustments are as follows:
- During July, PS Music provided guest disc jockeys for KXMD for a total of 115 hours. For information on the amount of the accrued revenue to be billed to KXMD, see the contract described in the July 3 transaction at the end of Chapter 2.
- Supplies on hand at July 31, $275.
- The balance of the prepaid insurance account relates to the July 1 transaction in Chapter 2.
- Depreciation of the office equipment is $50.
- The balance of the unearned revenue account relates to the contract between PS Music and KXMD, described in the July 3 transaction in Chapter 2.
- Accrued wages as of July 31 were $140.
- Prepare adjusting journal entries. You will need the following additional accounts:
- 18 Accumulated Depreciationâ€”Office Equipment
- 22 Wages Payable
- 57 Insurance Expense
- 58 Depreciation Expense
- Post the adjusting entries, inserting balances in the accounts affected.
- Prepare an adjusted trial balance.
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