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Credit PIONEER ADVERTISING INC
Credit PIONEER ADVERTISING INC. Trial Balance October 31, 2017 Debit Cash $ 15,200 Supplies 2,500 Prepaid Insurance 600 Equipment 5,000 Notes Payable Accounts Payable Uncarned Service Revenue Common Stock Retained Earnings Dividends 500 Service Revenue Salaries and Wages Expense 4,000 Rent Expense 900 $28,700 $ 5,000 2,500 1,200 10,000 10,000 $28,700 The trial balance for Pioneer Advertising Inc. is shown in Illustration 3.3. Instead of the adjusting entries shown in the text at October 31, assume the following adjustment data. • Supplies on hand at October 31 total $500. • Expired insurance for the month is $100. • Depreciation for the month is $50. • Services related to unearned service revenue in October worth $600 were performed. • Services performed but not recorded at October 31 are $300. • Interest accrued at October 31 is $95. • Accrued salaries at October 31 are $1,625. Instructions Prepare the adjusting entries below for the items above.
Expert Solution
| Transaction | Particular | Debit | Credit |
| 1 | Supplies expenses | $2,000 | |
| Supplies | $2,000 | ||
| (2,500 - 500) | |||
| 2 | Insurance expenses | $100 | |
| Prepaid insurance | $100 | ||
| 3 | Depreciation expenses | $50 | |
| Accumulated depreciation | $50 | ||
| 4 | Unearned service revenue | $600 | |
| Service revenue | $600 | ||
| 5 | Accounts receivable | $300 | |
| Service revenue | $300 | ||
| 6 | Interest expenses | $95 | |
| Interest payable | $95 | ||
| 7 | Salaries and wages expenses | $1,625 | |
| Salaries and wages payable | $1,625 |
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