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109 spiller services corporation was organized on january 1 year 8 the unadjusted tr 4297571

 

109. Spiller Services Corporation was organized on January 1, Year 8. The unadjusted trial balance on December 31, Year 8 after recording transactions that occurred during Year 8 is as follows.
 

Spiller Services Corporation
Unadjusted Trial Balance
December 31, Year 8

 

Debit

Credit

Cash

$125,000

 

Fees Receivable

112,000

 

Notes Receivable

115,000

 

Office Supplies Inventory

11,800

 

Prepaid Insurance

12,200

 

Furniture and Equipment

155,000

 

Accumulated Depreciation

 

0

Accounts Payable

 

$113,000

Common Stock

 

365,000

Fee Revenues

 

195,000

Rent Expense

19,500

 

Office Salaries Expense

  122,500

             

 

$673,000

$673,000

 

 

 

Below is the income statement for Year 8 that was prepared after making appropriate adjusting entries for Year 8.
 

Spiller Services Corporation
Income Statement
For the Year Ended December 31, Year 8

1.

Fee Revenues

$199,400

 

2.

Interest Revenue on Notes Receivable

    11,500

 

 

Total Revenues

 

$210,900 

3.

Depreciation Expense

 

(15,500)

4.

Rent Expense

 

(18,700)

5.

Insurance Expense

 

(11,800)

6.

Office Supplies Expense

 

(11,500)

7.

Office Salaries Expense

 

(124,000)

 

Net Income

 

$  29,400

 

 

 

 

Required:

Give the adjusting entries that Spiller Services Corporation must have made at the end of Year 8 for each of the seven income statement accounts. You may express the adjusting entries either in the form of journal entries or T accounts. 

 

 

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