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Fill in the t-accounts for each situation and label each transaction as Deferrals/Prepaid or Accrual. Calculate the adjusted balance and use a Bal. post reference to show the ending balance of each account. Employees earned $2,900 in salaries that will be paid next month. The Salaries Expense unadjusted balance as of December 31 is $5,700. Adjustment Type: Salaries Expense Salaries Payable November 1 of the current year, Record the transaction for the year ended December 31 Adjustment Type: Insurance Expense Prepaid Insurance Incurred interest expense of $3,600. Adjustment Type Interest Expense Interest PayableJournalize the adjusting entry needed at December 31 for each situation. Use the Chart of Accounts to review account names! The unadjusted balance of Office Supplies at Dec. 31 is $3,500 and at year end the office supplies on hand totaled $1,500 Date Accounts and Explanation Debit Credit Customers were billed for $3,000 for work completed. Date Accounts and Explanation Debit Credit Incurred interest expense of $3,100 Date Accounts and Explanation Debit CreditChart of Accounts Account Number 101 Account Title 105 110 112 115 120 125 130 140 145 146 Cash Accounts Receivable Interest Receivable Notes Receivable Office Supplies Prepaid Insurance Prepaid Rent Short-term Investments Long-term Investments Building Accumulated Depreciation Buildin Equipment Accumulated Depreciation Equipment Furniture Accumulated Depreciation Furniture Office Furniture Accumulated Depreciation Office Furniture 150 151 155 156 160 161 ruck Accumulated Depreciation - 165 166 170 175 178 180 182 201 ruck Land Copyright Franchise Patent rademark Accounts Payable Rent Payable Salaries Payable Utilities Payable Interest Payable Dividends Payable 205 210 215 220 225220 225 235 250 255 260 301 320 325 410 420 430 505 510 515 520 525 535 540 545 550 Interest Payable Dividends Payable Unearned Revenue Notes Payable Mortgages Payable Premium on Bonds Payable Owner, Capital Owner, Withdrawals Income Summary Service Revenue Dividend Revenue Interest Revenue Advertising Expense Delivery Expense Depreciation Expense Insurance Expense Interest Expense Repairs and Maintenance Expense Rent Expense Salaries Expense Supplies Expense Utilities Expense

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Answer #1
Adjusting Journal Entries
Adjustment Type Accrual Date Account Titles and explanation Debit Credit
Dec.31 Supplies Expense $2,000.00
Salaries Expense Salaries Payable Office Supplies $2,000.00
To balance b/d $5,700.00 By Salaries Expense $2,900.00 (to record use of office supplies)
To Salaries Payable $2,900.00
By Income Summary $8,600.00 To balance c/f $2,900.00 Dec.31 Accounts Receivables $3,000.00
Total $8,600.00 Total $8,600.00 Total $2,900.00 Total $2,900.00 Service Revenue $3,000.00
(to record service revenue billed)
Adjustment Type Prepaid
Dec.31 Interest Expense $3,100.00
Insurance expense Prepaid Insurance Interest Payable $3,100.00
To Prepaid Insurance $110.00 To balance b/d $1,320.00 By Insurance Expense $110.00 (to record interest expense accrued)
By Income Summary $110.00 By balance c/f $1,210.00
Total $110.00 Total $110.00 Total $1,320.00 Total $1,320.00
Adjustment Type Accrual
Interest Expense Interest Payable
By Interest Expense $3,600.00
To Interest Payable $3,600.00
By Income Summary $3,600.00 To balance c/f $3,600.00
Total $3,600.00 Total $3,600.00 Total $3,600.00 Total $3,600.00
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