Unearned rent earned during December, $120.
Wages accrued, but not paid at December 31, $250.
Fees revenue earned, but not yet billed, $500.
Depreciation of office equipment during December, $50.Based upon the preceding adjustment data, the adjusting entries for Online Solutions
are shown in Exhibit 10.
Like other journal entries, Online Solutions’ adjusting entriesshould be posted to
the general ledger, as shown in Exhibit 15 (on pages 170–171). After these entries have
been posted, we compute adjusted balances and prepare an adjusted trial balanceprior
to preparing the financial statements. This verifies that no errors have occurred in posting
the adjustments. The adjusted trial balance for Online Solutions is shown in Exhibit 11.164 Chapter 4 Accounting Information Systems
Exhibit 8
Journal Entries: December Transactions for Online SolutionsDec. 1 Prepaid Insurance 2,400
Cash 2,400
1 Rent Expense 800
Cash 800
1 Cash 360
Unearned Rent 360
4 Office Equipment 1,800
Accounts Payable 1,800
6 Miscellaneous Expense 180
Cash 180
11 Accounts Payable 400
Cash 400
13 Wages Expense 950
Cash 950
16 Cash 3,100
Fees Earned 3,100
16 Accounts Receivable 1,750
Fees Earned 1,750
20 Accounts Payable 1,800
Cash 1,800
21 Cash 650
Accounts Receivable 650
23 Supplies 1,450
Cash 550
Accounts Payable 900
27 Wages Expense 1,200
Cash 1,200
31 Utilities Expense 310
Cash 310
31 Utilities Expense 225
Cash 225
31 Cash 2,870
Fees Earned 2,870
31 Accounts Receivable 1,120
Fees Earned 1,120
31 Dividends 2,000
Cash 2,000SCF BS IS
OT AcT —OT ATSET EcOc AcLc ——AcLc —OT ATSET EcOT ATLT —OT ATSET EcOc AcSEc Rc—AcSEc RcOT ATLT —Oc AcT —OT AcTLc —OT ATSET EcOT ATSET EcOT ATSET EcOc AcSEc Rc—AcSEc RcFT ATSET —