The unadjusted trial balance of Silber Insurance Agency at August 31, 2017, appears below:
Adjustment data for month-end adjustments:
a. Commission revenue received in advance that had not been earned at August 31, $40,500.
b. Rent still prepaid at August 31, $2,300.
c. Supplies used during the month, $2,040.
d. Amortization on furniture for the month, $2,220.
e. Amortization on building for the month, $2,780.
f. Accrue salary expense at August 31 in the amount of $2,760.
Required
1. Open ledger accounts for the accounts listed in the trial balance and insert their August 31 unadjusted balances. Also open the Income Summary account (account #340). Date the balances of the following accounts as of August 1: Prepaid Rent, Supplies, Furniture, Accumulated Amortization-Furniture, Building, Accumulated Amortization- Building, Unearned Commission Revenue, and C. Silber, Capital.
2. Write the trial balance on a worksheet and complete the worksheet of Silber Insurance Agency for the month ended August 31, 2017.
3. Using the worksheet data, journalize and post the adjusting and closing entries, including explanations. Use dates and posting references. Use Page 7 as the number of the journal page.
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