Question

a. Depreciation on the company's equipment for 2017 is computed to be $15,000. b. The Prepaid Insurance account had a $9,000 debit balance at December 31, 2017, before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $990 of unexpired insurance coverage remains c. The Office Supplies account had a $220 debit balance on December 31, 2016, and $2,680 of office supplies were purchased during the year. The December 31, 2017, physical count showed $260 of supplies available. d. One-fourth of the work related to $11,000 of cash received in advance was performed this period. e. The Prepaid Insurance account had a $5,600 debit balance at December 31, 2017, before adjusting for the costs of any expired coverage. An analysis of insurance policies showed that $4,610 of coverage had expired. f. Wage expenses of $2,000 have been incurred but are not paid as of December 31, 2017 Prepare adjusting journal entries for the year ended (date of) December 31, 2017, for each of these separate situations. View transaction list Journal entry worksheet 1 2 3 4 5 6 Depreciation on the company's equipment for 2017 is computed to be $15,000. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal

Answer 1

Adjusting entries

No	General Journal	Debit	Credit
1	Depreciation expense	15000
	Accumulated depreciation-equipment		15000
2	Insurance expense (9000-990)	8010
	Prepaid insurance		8010
3	Supplies expense (220+2680-260)	2640
	Supplies		2640
4	Unearned revenue (11000/4)	2750
	Revenue earned		2750
5	Insurance expense	4610
	Prepaid insurance		4610
6	Wages expense	2000
	Wages payable		2000