Adjusting Entries for Pioneer Advertising Agency Inc.
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The trial balance for Pioneer Advertising Agency Inc., is shown:
PIONEER ADVERTISING AGENCY INC.
Trial Balance
October 31, 2006
Debit Credit
Cash $15,200
Advertising Supplies 2,500
Prepaid Insurance 600
Office Equipment 5,000
Notes Payable $ 5,000
Accounts Payable 2,500
Unearned Revenue 1,200
Common Stock 10,000
Retained Earnings -0-
Dividends 500
Service Revenue 10,000
Salaries Expense 4,000
Rent Expense 900
=$28,700 = $28,700
In lieu of the adjusting entries shown in the text at October 31, assume the following adjustment data.
1. Advertising supplies on hand at October 31 total $850.
2. Expired insurance for the month is $100.
3. Depreciation for the month is $50.
4. Unearned revenue earned in October totals $600.
5. Services provided but not recorded at October 31 are $450.
6. Interest accrued at October 31 is $70.
7. Accrued salaries at October 31 are $1,200.
Instructions
Prepare the adjusting entries for the items above.
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Solution Summary
This solution is comprised of adjusting entries for Pioneer Advertising Agency Inc.
Solution Preview
The trial balance for Pioneer Advertising Agency Inc., is shown:
PIONEER ADVERTISING AGENCY INC.
Trial Balance
October 31, 2006
Debit Credit
Cash $15,200
Advertising Supplies 2,500
Prepaid Insurance 600
Office Equipment 5,000
Notes Payable $ 5,000
Accounts Payable 2,500
...
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