Nama : Roshita Desthi Nurimah
NIM : 22812141019
Kelas : A20
E3-7
The ledger of Piper Rental Agency on March 31 of the current year includes the follow_x0002_
ing selected accounts before adjusting entries have been prepared.
Debit Credit
Prepaid Insurance $ 3,600
Supplies $ 2,800
Equipment $ 25,000
Accumulated Depreciation—Equipment $ 8,400
Notes Payable $ 20,000
Unearned Rent Revenue $ 9,900 4800
Rent Revenue $ 60,000
Interest Expense $ - $ 3,600
Wages Expense $ 14,000
An analysis of the accounts shows the following.
1. The equipment depreciates $400 per month.
2. One-third of the unearned rent revenue was earned during the quarter.
3. Interest of $500 is accrued on the notes payable.
4. Supplies on hand total $700.
5. Insurance expires at the rate of $200 per month.
Instructions
Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly.
Additional accounts are: Depreciation Expense, Insurance Expense, Interest Payable, and
Supplies Expense.
PIPER RENTAL AGENCY
GENERAL JOURNAL
March 31
J2
Date Account Title and Explanations Ref Debit Credit
Adjusting Entries
2018
March 31 Depreciation Expenses $ 1,200
Acc. Depreciation-Equipment $ 1,200
(To record monthly depreciation $400*3 = $1,200)
31 Unearned Rent Revenue $ 3,300
Rent Revenue $ 3,300
(To record service revenue $9,900:1/3 = $2,475)
31 Interest Expense $ 500
Interest Payable $ 500
(To record interest on notes payable = $500)
31 Supplies Expense $ 2,100
Supplies $ 2,100
(To record Supplies = $2,800-$700 = $2,100)
31 Insurance Expenses $ 600
Prepaid Insurance $ 600
(To record insurance expired: $200*3 = $600)
AMOUNT $ 7,700 $ 7,700
Tony Masasi started his own consulting firm, Masasi Company, on June 1, 2010. The trial balance at
June 30 is shown below.
MASASI COMPANY
Trial Balance
30 Jun 2010
Account Number Debit Credit
101 Cash $ 7,150
112 Accounts Receivable $ 6,000
126 Supplies $ 2,000
130 Prepaid Insurance $ 3,000
157 Office Equipment $ 15,000
201 Accounts Payable $ 4,500
209 Unearned Service Revenue $ 4,000
301 T. Masasi, Capital $ 21,750
400 Service Revenue $ 7,900
726 Salaries Expense $ 4,000
729 Rent Expense $ 1,000
$ 38,150 $ 38,150
In addition to those accounts listed on the trial balance, the chart of accounts for Masasi Company
also contains the following accounts and account numbers: No. 158 Accumulated Depreciation—
Office Equipment, No. 212 Salaries Payable, No. 244 Utilities Payable, No.631 Supplies Expense,
No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 732 Utilities Expense.
Other data:
1. Supplies on hand at June 30 are $600.
2. A utility bill for $150 has not been recorded and will not be paid until next month.
3. The insurance policy is for a year.
4. $2,500 of unearned service revenue has been earned at the end of the month.
5. Salaries of $2,000 are accrued at June 30.
6. The office equipment has a 5-year life with no salvage value. It is being depreciated at $250
per month for 60 months.
7. Invoices representing $1,000 of services performed during the month have not been recorded
as of June 30.
Instructions
(a) Prepare the adjusting entries for the month of June. Use J3 as the page number for your
journal.
(b) Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as be_x0002_
ginning account balances and place a check mark in the posting reference column.
(c) Prepare an adjusted trial balance at June 30, 2010.
s be_x0002_
MASASI COMPANY
Trial Balance
30 Jun 2010
Account Number Account Name Debit Credit
101 Cash $ 7,150
112 Accounts Receivable $ 6,000
126 Supplies $ 2,000
130 Prepaid Insurance $ 3,000
157 Office Equipment $ 15,000
158 Acc. Depreciation-Office Equipment $ -
201 Accounts Payable $ 4,500
209 Unearned Service Revenue $ 4,000
212 Salaries Payable $ -
244 Utilities Payable $ -
301 T. Masasi, Capital $ 21,750
400 Service Revenue $ 7,900
631 Supplies Expense $ -
711 Depreciation Expense $ -
722 Insurance Expense $ -
726 Salaries Expense $ 4,000
729 Rent Expense $ 1,000
732 Utilities Expense $ -
AMOUNT $ 38,150 $ 38,150
(a) Prepare the adjusting entries for the month of June. Use J3 as the page number for your journal.
MASASI COMPANY
GENERAL JOURNAL
June, 2010
J3
Date Account Title and Explanations Ref Debit Credit
Adjusting Entries
2010
Jun 30 Supplies Expense 631 $ 1,400
Supplies 126 $ 1,400
(To record Supplies : $2,000-$600 = $1,400)
30 Utilities Expense 732 $ 150
Utilities Payable 244 $ 150
(To record utilities payable : $150)
30 Insurance Expense 722 $ 250
Prepaid Insurance 130 $ 250
(To record insurance : $3,000:1/12)
30 Unearned Service Revenue 209 $ 2,500
Service Revenue 400 $ 2,500
(To record service revenue : $2,500)
30 Salaries Expense 726 $ 2,000
Salaries Payable 212 $ 2,000
(To record salaries June : $2,000)
30 Depreciation Expense 711 $ 250
Acc. Depreciation-Office Equipment 158 $ 250
(To record depreciation expense : $250)
30 Accounts Receivable 112 $ 1,000
Service Revenue 400 $ 1,000
(To record service performe : $1,000)
AMOUNT $ 7,550 $ 7,550
for your journal.
(b) Post the adjusting entries to the ledger accounts.
Enter the totals from the trial balance as beginning account balances and place a check mark in the posting reference c
MASASI COMPANY
GENERAL LEDGER
June, 2010
Cash No. 101
Date Explanation Ref Debit Credit Balance
2010
June 30 Balance ü $ 7,150 $ - $ 7,150
Accounts Receivable No. 112
Date Explanation Ref Debit Credit Balance
2010
June 30 Balance ü $ 6,000 $ - $ 6,000
30 J3 $ 1,000 $ 7,000
Supplies No. 126
Date Explanation Ref Debit Credit Balance
2010
June 30 Balance ü $ 2,000 $ - $ 2,000
30 J3 $ 1,400 $ 600
Prepaid Insurance No. 130
Date Explanation Ref Debit Credit Balance
2010
June 30 Balance ü $ 3,000 $ - $ 3,000
30 J3 $ 250 $ 2,750
Office Equipment No. 157
Date Explanation Ref Debit Credit Balance
2010
June 30 Balance ü $ 15,000 $ - $ 15,000
Acc. Depreciation-Office Equipment No. 158
Date Explanation Ref Debit Credit Balance
2010
June 30 Balance ü $ - $ - $ -
30 J3 $ 250 $ 250
Accounts Payable No. 201
Date Explanation Ref Debit Credit Balance
2010
June 30 Balance ü $ - $ 4,500 $ 4,500
Unearned Service Revenue No. 209
Date Explanation Ref Debit Credit Balance
2010
June 30 Balance ü $ - $ 4,000 $ 4,000
30 J3 $ 2,500 $ 1,500
Salaries Payable No. 212
Date Explanation Ref Debit Credit Balance
2010
June 30 Balance ü $ - $ - $ -
30 J3 $ 2,000 $ 2,000
Utilities Payable No. 244
Date Explanation Ref Debit Credit Balance
2010
June 30 Balance ü $ - $ - $ -
30 J3 $ 150 $ 150
T. Masasi, Capital No. 301
Date Explanation Ref Debit Credit Balance
2010
June 30 Balance ü $ - $ 21,750 $ 21,750
Service Revenue No. 400
Date Explanation Ref Debit Credit Balance
2010
June 30 Balance ü $ - $ 7,900 $ 7,900
30 J3 $ 2,500 $ 10,400
30 J3 $ 1,000 $ 11,400
Supplies Expense No. 631
Date Explanation Ref Debit Credit Balance
2010
June 30 Balance ü $ - $ - $ -
30 J3 $ 1,400 $ 1,400
Depreciation Expense No. 711
Date Explanation Ref Debit Credit Balance
2010
June 30 Balance ü $ - $ - $ -
30 J3 $ 250 $ 250
Insurance Expense No. 722
Date Explanation Ref Debit Credit Balance
2010
June 30 Balance ü $ - $ - $ -
30 J3 $ 250 $ 250
Salaries Expense No. 726
Date Explanation Ref Debit Credit Balance
2010
June 30 Balance ü $ 4,000 $ - $ 4,000
30 J3 $ 2,000 $ 6,000
Rent Expense No. 729
Date Explanation Ref Debit Credit Balance
2010
June 30 Balance ü $ 1,000 $ - $ 1,000
Utilities Expense No. 732
Date Explanation Ref Debit Credit Balance
2010
June 30 Balance ü $ - $ - $ -
30 J3 $ 150 $ 150
in the posting reference column
(c) Prepare an adjusted trial balance at June 30, 2010.
MASASI COMPANY
TRIAL BALANCE
June 30, 2010
Account Number Account Name Debit Credit
101 Cash $ 7,150
112 Accounts Receivable $ 7,000
126 Supplies $ 600
130 Prepaid Insurance $ 2,750
157 Office Equipment $ 15,000
158 Acc. Depreciation-Office Equipment $ 250
201 Accounts Payable $ 4,500
209 Unearned Service Revenue $ 1,500
212 Salaries Payable $ 2,000
244 Utilities Payable $ 150
301 T. Masasi, Capital $ 21,750
400 Service Revenue $ 11,400
631 Supplies Expense $ 1,400
711 Depreciation Expense $ 250
722 Insurance Expense $ 250
726 Salaries Expense $ 6,000
729 Rent Expense $ 1,000
732 Utilities Expense $ 150
AMOUNT $ 41,550 $ 41,550
