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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 December 31, Newport has $1,500 still unearned.
- Journalize the adjusting entries on December 31.
- Using the unadjusted trial balance, open the accounts (use a four-column ledger) with the unadjusted balances. Post the adjusting entries to the ledger accounts.
- Prepare the adjusted trial balance.4. Assuming the adjusted trial balance has total debits equal to total credits, does this mean that the adjusting entries have been recorded correctly? Explain.