Question

Consider the following situations for College Park Welding Services (Click the icon to view the situations) Journalize the adjusting entry needed on December 31 for each situation. Use the letters to label the journal entries (Record debits first, then credits. Select the explanation on the last line of the journal entry table) a. Depreciation for the current year includes Equipment, $2,100 Date Debat Crede (a) Dec. 31 Accounts and Explanation Accumulated Depreciation Equipment Depreciation Expense Equipment b. Each Monday, College Park pays employees for the previous week's work. The amount of weekly payroll is 56,300 for a seven-day workweek (Monday to Sunday). This year December 31 falls on Thursday Date Accounts and Explanation Debit Credit (b) Dec 31 c. The beginning balance of Office Supplies was $2,900. During the year, College Park purchased office supplies for $2,400, and at December 31 the office supplies on hand totaled $1,100. Assume that College Park debits an asset account when supplies are purchased) Accounts and Explanation Debat Credo (c) Dec. 31 Choose from any list or enter any number in the input fields and then continue to the next question Save for Later

Answer 1

Adjusting entry

No	General Journal	Debit	Credit
a	Depreciation expense	2100
	Accumulated depreciation-equipment		2100
	(To record Depreciation)
b	Salaries and wages expense (6300/7*4)	3600
	Salaries and wages payable		3600
	(To record accrued salaries and wages)
c	Supplies expense (2900+2400-1100)	4200
	Supplies		4200
	(To record supplies expense)
d	Insurance expense (5760/24*3)	720
	Prepaid insurance		720
	(To record insurance expense)
e	Unearned revenue	2900
	revenue earned		2900
	(To record revenue earned)
f	Interest expense	100
	Interest payable		100
	(To record interest expense)
g	Account receivable	7500
	Service revenue		7500
	(To record service revenue)