Question

A partial trial balance of Kingbird Corporation is as follows on December 31, 2021. Dr. Cr. Supplies $2,900 Salaries and wages payable $1,600 Interest Receivable 5,200 Prepaid Insurance 97,100 Unearned Rent 0 Interest Payable 13,700 Additional adjusting data: 1. A physical count of supplies on hand on December 31, 2021, totaled $1,200. 2. Through oversight, the Salaries and Wages Payable account was not changed during 2021. Accrued salaries and wages on December 31, 2021, amounted to $4,600. 3. The Interest Receivable account was also left unchanged during 2021. Accrued interest on investments amounts to $4,300 on December 31, 2021. 4. The unexpired portions of the insurance policies totaled $64,300 as of December 31, 2021. 5. $30,700 was received on January 1, 2021, for the rent of a building for both 2021 and 2022. The entire amount was credited to rent revenue. 6. Depreciation on equipment for the year was erroneously recorded as $4,600 rather than the correct figure of $46,000. 7. A further review of depreciation calculations of prior years revealed that equipment depreciation of $7,300 was not recorded. It was decided that this oversight should be corrected by a prior period adjustment.

Assuming that the books have not been closed, what are the adjusting entries necessary at December 31, 2021? (Ignore income tax considerations.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit 1. Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount 2. Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount 3. Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount 4. Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount 5. Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount 6. Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount 7. Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount

Answer 1

Assuming that the books have not been closed, so the Adjusting Entries are:-

Kingbird Corporation

Adjusting Entries

December 31,2021

Date	Accounts Title	Debit	Credit
December 31	Supplies Expense	$1,700
	Supplies ($2,900-$1,200)		$1,700
December 31	Salaries and Wages Expense	$3,000
	Salaries and Wages Payable ($4,600-$1,600)		$3,000
December 31	Interest Revenue	$900
	Interest Receivable ($5,200-$4,300)		$900
December 31	Insurance Expense	$32,800
	Prepaid Insurance ($97,100-$64,300)		$32,800
December 31	Rent Revenue ($30,700/2)	$15,350
	Unearned Rent		$15,350
December 31	Depreciation Expense ($46,000-$4,600)	$41,400
	Accumulated Depreciation		$41,400
December 31	Depreciation Expense	$7,300
	Accumulated Depreciation		$7,300