P3-36A Journalizing and posting adjustments to the four-column accounts and preparing an adjusted trial balance
The unadjusted trial balance of Newport Inn Company at December 31, 2016, and the data needed for the adjustments follow.
Adjustment data at December 31 follow:
As of December 31, Newport had $600 of Prepaid Insurance remaining.
At the end of the month, Newport had $700 of office supplies remaining.
Depreciation on the building is $3,500.
Newport pays its employees weekly on Friday. Its employees earn $1,500 for a five-day workweek. December 31 falls on Wednesday this year.
On November 20, Newport contracted to perform services for a client receiving $2,500 in advance. Newport recorded this receipt of cash as Unearned Revenue. As of….