[clpoulin]

I am trying to do an adjusting trial balance but I can't get it
Trent Company's trial balance of 12/31/10 appear below: 1. Accounts Payable $ 160,000 2. Accounts Receivable 150,000 3. Accumulated Depreciation--Equipment 200,000 4. Allowance for Doubtful Accounts 20,000 5. Bonds Payable 500,000 6. Cash 150,000 7. Common Stock 60,000 8. Equipment 840,000 9. Insurance Expense 30,000 10. Interest Expense 10,000 11. Merchandise Inventory 300,000 12. Notes Payable (due 6/1/11) 200,000 13. Prepaid Rent 150,000 14. Retained Earnings 818,000 15. Salaries and Wages Expense 328,000 (All of the above accounts have their standard or normal debit or credit balance.) The Accounting Information System Part A. 3 - 33 Prepare adjusting journal entries at year end, December 31, 2010, based on the following supplemental information. a. The equipment has a useful life of 15 years with no salvage value. (Straight-line method being used.) b. Interest accrued on the bonds payable is $15,000 as of 12/31/10. c. Expired insurance at 12/31/10 is $20,000. d. The rent payment of $150,000 covered the six months from November 30, 2010 through May 31, 2011. e. Salaries and wages earned but unpaid at 12/31/10, $22,000.

[pready]

Step 1. You need to set up a worksheet (use Excel) to start this for your trial balance, adjusting entries, and the adjusted trial balance.

Step 2. Use items 1 through 15 to prepare your trial balance. Your debits and credits will be 1,958,000

Step 3. do the adjusting entries for items a through e. Your debits and credits will be 138,000
a. take cost of equipment divided by the useful life = annual depreciation. Your accounts will be Depreciation Expense and Accumulated Depreciation.
b. amount is given to you. Your accounts will be Interest Expense and Interest Payable. Normally you have a Prepaid Insurance account because you pay insurance in advance. I would double check the information provided in the problem.
c. amount is given to you. Your accounts will be Insurance Expense and Accounts Payable or Insurance Payable.
d. calculate rent used (1 month). Your accounts will be Rent Expense and Prepaid Rent.
e. amount is given to you. Your accounts will be Salaries & Wages Expense and Salaries & Wages Payable.

Step 4.Prepare your adjusted trial balance. Your debits and credits will be 2,071,000