IronZee Sports
Unadjusted Trial Balance
May 31, 2018

Accounts	Debits	Credits
Cash	3,225
Accounts Receivable	7,080
Supplies	1,355
Prepaid Insurance	630
Office Equipment	50,800
Accumulated Depreciation - Office Equipment		9,500
Accounts Payable		1,010
Wages Payable		0
Unearned Fees		1,080
M. Zee, Capital		28,400
M. Zee, Drawing	5,035
Fees Earned		59,040
Wages Expense	22,580
Depreciation Expense	0
Rent Expense	4,190
Utilities Expense	2,630
Supplies Expense	0
Insurance Expense	0
Miscellaneous Expense	1,505
Total	Single line99,030Double line	Single line99,030Double line

 

Consider the following data on May 31, 2018, to determine year-end adjustments:

1. Supplies on hand at May 31, 2018, was $355.
2. Insurance premiums expired during the year totaled $310.
3. Depreciation of equipment during the year was $4,570.
4. Wages accrued but not paid as of May 31, 2018, totaled $470.
5. Accrued fees earned but not recorded at May 31, 2018, was $1,000.
6. There was $745 in unearned fees on May 31, 2018.

Journalize, in the correct order, the adjusting entry needed on May 31 for each situation.

Journal

Date	Description	Debit	Credit
May 31	Accounts PayableAccounts ReceivableAccumulated Depreciation - Office EquipmentCashDepreciation ExpenseFees EarnedInsurance ExpenseM. Zee, CapitalM. Zee, DrawingMiscellaneous ExpenseOffice EquipmentPrepaid InsuranceRent ExpenseSuppliesSupplies ExpenseUnearned FeesUtilities ExpenseWages ExpenseWages Payable
May 31	Accounts PayableAccounts ReceivableAccumulated Depreciation - Office EquipmentCashDepreciation ExpenseFees EarnedInsurance ExpenseM. Zee, CapitalM. Zee, DrawingMiscellaneous ExpenseOffice EquipmentPrepaid InsuranceRent ExpenseSuppliesSupplies ExpenseUnearned FeesUtilities ExpenseWages ExpenseWages Payable
May 31	Accounts PayableAccounts ReceivableAccumulated Depreciation - Office EquipmentCashDepreciation ExpenseFees EarnedInsurance ExpenseM. Zee, CapitalM. Zee, DrawingMiscellaneous ExpenseOffice EquipmentPrepaid InsuranceRent ExpenseSuppliesSupplies ExpenseUnearned FeesUtilities ExpenseWages ExpenseWages Payable
May 31	Accounts PayableAccounts ReceivableAccumulated Depreciation - Office EquipmentCashDepreciation ExpenseFees EarnedInsurance ExpenseM. Zee, CapitalM. Zee, DrawingMiscellaneous ExpenseOffice EquipmentPrepaid InsuranceRent ExpenseSuppliesSupplies ExpenseUnearned FeesUtilities ExpenseWages ExpenseWages Payable
May 31	Accounts PayableAccounts ReceivableAccumulated Depreciation - Office EquipmentCashDepreciation ExpenseFees EarnedInsurance ExpenseM. Zee, CapitalM. Zee, DrawingMiscellaneous ExpenseOffice EquipmentPrepaid InsuranceRent ExpenseSuppliesSupplies ExpenseUnearned FeesUtilities ExpenseWages ExpenseWages Payable
May 31	Accounts PayableAccounts ReceivableAccumulated Depreciation - Office EquipmentCashDepreciation ExpenseFees EarnedInsurance ExpenseM. Zee, CapitalM. Zee, DrawingMiscellaneous ExpenseOffice EquipmentPrepaid InsuranceRent ExpenseSuppliesSupplies ExpenseUnearned FeesUtilities ExpenseWages ExpenseWages Payable
May 31	Accounts PayableAccounts ReceivableAccumulated Depreciation - Office EquipmentCashDepreciation ExpenseFees EarnedInsurance ExpenseM. Zee, CapitalM. Zee, DrawingMiscellaneous ExpenseOffice EquipmentPrepaid InsuranceRent ExpenseSuppliesSupplies ExpenseUnearned FeesUtilities ExpenseWages ExpenseWages Payable
May 31	Accounts PayableAccounts ReceivableAccumulated Depreciation - Office EquipmentCashDepreciation ExpenseFees EarnedInsurance ExpenseM. Zee, CapitalM. Zee, DrawingMiscellaneous ExpenseOffice EquipmentPrepaid InsuranceRent ExpenseSuppliesSupplies ExpenseUnearned FeesUtilities ExpenseWages ExpenseWages Payable
May 31	Accounts PayableAccounts ReceivableAccumulated Depreciation - Office EquipmentCashDepreciation ExpenseFees EarnedInsurance ExpenseM. Zee, CapitalM. Zee, DrawingMiscellaneous ExpenseOffice EquipmentPrepaid InsuranceRent ExpenseSuppliesSupplies ExpenseUnearned FeesUtilities ExpenseWages ExpenseWages Payable
May 31	Accounts PayableAccounts ReceivableAccumulated Depreciation - Office EquipmentCashDepreciation ExpenseFees EarnedInsurance ExpenseM. Zee, CapitalM. Zee, DrawingMiscellaneous ExpenseOffice EquipmentPrepaid InsuranceRent ExpenseSuppliesSupplies ExpenseUnearned FeesUtilities ExpenseWages ExpenseWages Payable
May 31	Accounts PayableAccounts ReceivableAccumulated Depreciation - Office EquipmentCashDepreciation ExpenseFees EarnedInsurance ExpenseM. Zee, CapitalM. Zee, DrawingMiscellaneous ExpenseOffice EquipmentPrepaid InsuranceRent ExpenseSuppliesSupplies ExpenseUnearned FeesUtilities ExpenseWages ExpenseWages Payable
May 31	Accounts PayableAccounts ReceivableAccumulated Depreciation - Office EquipmentCashDepreciation ExpenseFees EarnedInsurance ExpenseM. Zee, CapitalM. Zee, DrawingMiscellaneous ExpenseOffice EquipmentPrepaid InsuranceRent ExpenseSuppliesSupplies ExpenseUnearned FeesUtilities ExpenseWages ExpenseWages Payable

Ashley’s Payroll Services had the following accounts and account balances after adjusting entries. Assume all accounts have normal balances.

Account Name	Account Value
Cash	$24,100
Land	$24,700
Utilities Payable	$720
Accounts Payable	$3,650
Accumulated Depreciation-- Equipment	$1,500
Service Revenue	$90,450
Supplies Expense	$610
Ashley Moore, Drawing	$28,000
Equipment	$25,000
Accounts Receivable	$4,100
Office Supplies	$900
Ashley Moore, Capital	$19,300
Depreciation Expense--Equipment	$1,800
Unearned Revenue	$510
Utilities Expense	$1,720
Salaries Expense	$5,200

 

Prepare the adjusted trial balance for Ashley’s Payroll Services as of December 31, 2016.

Ashley's Payroll Services
Adjusted Trial Balance
For the Year Ending Dec. 31, 2016

Accounts	Debits	Credits
Total	Single lineDouble line	Single lineDouble line