journalized and posted routine

110Cash$40,860
120Accounts Receivable         6,550
130Supplies         2,100
140Prepaid Insurance         1,200
150Land      100,000
160Building        75,000
161Accumulated Depreciation – Building0
170Landscaping Equipment        10,500
171Accumulated Depreciation – Landscaping Equipment0
210Accounts Payable        29,200
220Unearned Landscaping Revenue        30,000
230Wages Payable                –
310J. Doe, Capital$168,550
320J. Doe, Drawings         3,500
410Landscaping Revenue        23,100
510Wages Exp4800
520Rent Exp         3,000
530Depreciation Exp – Building0
540Depreciation Exp – Landscaping Equipment0
550Utilities Exp         2,240
560Supplies Expense                –
570Insurance Expense                –
580Misc Exp         1,100
Total $   250,850 $   250,850

You have already journalized and posted routine entries through the month of November and created your Unadjusted Trial Balance (above). The following data have been assembled for adjusting entries.

  • Unearned Landscaping Revenue is $5,000 at Nov 30 as $25,000 of the landscaping services were provided in November.
  • Depreciation for the building for November is $750.
  • Depreciaiton for the Landscaping Equipment is $250.
  • The balance in Prepaid Insurance is for a 12 month liability insurance policy purchased on Sept 1 and beginning that day.
  • Supplies on hand at Nov 30 is $1750.
  • Maple Company has provided $19,000 of landscaping services in November that it has not yet billed for.
  • Accrued wages at Nov 30 are $750.

Directions:

  1. Journalize each adjusting entry on page 3 of your journal. Post transactions to the ledger.
  2. Prepare an adjusted trial balance.
  3. Prepare financial statements for the month of November (Income Statement, Statement of Owner’s Equity, and Classified Balance Sheet only). There weren’t any investments by owner during the month of November.

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