week 3 P2-5 - 126,000 126,000 Wage expense 45,000 51,100...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
P 2-5 Adjusting entries LO4 LO5 The Whitlow Manufacturing Corporation's fiscal year-end is December 31. Below are the unadjusted and adjusted trial balances for December 31, 2006.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Unadjusted Adjusted Account Title Debits Credits Debits Credits Cash 50,000 50,000 Accounts receivable 35,000 35,000 Allowance for uncollectible accounts 2,000 5,500 Prepaid rent 2,000 1,600 Supplies 1,500 400 Inventory 60,000 60,000 Note receivable 30,000 30,000 Interest receivable 0 1,700 Equipment 45,000 45,000 Accumulated depreciation-equipment 15,000 23,000 Accounts payable 32,000 32,000 Wages payable 0 6,100 Note payable 50,000 50,000 Interest payable 0 2,800 Unearned rent revenue 0 3,000 Common stock 46,000 46,000 Retained earnings 20,000 20,000 Sales revenue 244,000 244,000 Rent revenue 6,000 3,000 Interest revenue 0 1,700 Cost of goods sold
Background image of page 2
Background image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 126,000 126,000 Wage expense 45,000 51,100 Rent expense 11,000 11,400 Depreciation expense 0 8,000 Supplies expense 1,100 2,200 Interest expense 5,400 8,200 Bad debt expense 3,000 6,500 Totals 415,000 415,000 437,100 437,100 Required: Prepare the adjusting journal entries that were made at December 31, 2006. Order the adjusting entries in the same order as the balance sheet accounts are given. General Journal Debit Credit Bad debt expense 3500 Allowance for uncollectible accounts 3500 Rent expense 400 Prepaid rent 400 Supplies expense 1100 Supplies 1100 Interest receivable 1700 Interest revenue 1700 Depreciation expense 8000 Accumulated depreciation 8000 Wages expense 6100 Wages payable 6100 Interest expense 2800 Interest payable 2800 Rent revenue 3000 Unearned rent revenue 3000...
View Full Document

This note was uploaded on 03/30/2010 for the course COB ACCY 202 taught by Professor Shapland during the Spring '10 term at University of Illinois, Urbana Champaign.

Page1 / 3

week 3 P2-5 - 126,000 126,000 Wage expense 45,000 51,100...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online