Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 06 Aug 2017 My Price 13.00

Galloway Company

Adjusting Entries and Adjusted Trial Balances

Galloway Company is a small editorial services company owned and operated by Fran Briggs. On July 31, 2014, the end of the current year, Galloway Company's accounting clerk prepared the unadjusted trial balance shown below.

Galloway Company
Unadjusted Trial Balance
July 31, 2014
  Debit
Balances		 Credit
Balances
Cash 4,420      
Accounts Receivable 40,140      
Prepaid Insurance 7,480      
Supplies 2,040      
Land 118,030      
Building 212,940      
Accumulated Depreciation—Building     144,220  
Equipment 141,840      
Accumulated Depreciation—Equipment     102,730  
Accounts Payable     12,590  
Unearned Rent     7,140  
Capital Stock     80,000  
Retained Earnings     151,300  
Dividends 15,650      
Fees Earned     340,150  
Salaries and Wages Expense 202,730      
Utilities Expense 44,560      
Advertising Expense 23,810      
Repairs Expense 18,030      
Miscellaneous Expense 6,460      
  838,130   838,130  

The data needed to determine year-end adjustments are as follows:

  1. Unexpired insurance at July 31, $5,010.
  2. Supplies on hand at July 31, $610.
  3. Depreciation of building for the year, $3,320.
  4. Depreciation of equipment for the year, $2,880.
  5. Rent unearned at July 31, $1,860.
  6. Accrued salaries and wages at July 31, $3,240.
  7. Fees earned but unbilled on July 31, $19,050.

 

2. Determine the balances of the accounts affected by the adjusting entries, and prepare an adjusted trial balance. If an amount box does not require an entry, leave it blank.


Galloway Company
Adjusted Trial Balance
July 31, 2014
   
Debit Balances
 
Credit Balances
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Totals
 
 
 
 

Answers

Maurice Tutor
(5)
Status NEW Posted 06 Aug 2017 07:08 PM My Price 13.00

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