Question

E a. Depreciation on the company's equipment for 2017 is computed to be $10,000. 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 $1,040 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. Two-thirds of the work related to $12,000 of cash received in advance was performed this period. e. The Prepaid Insurance account had a $5,700 debit balance at December 31, 2017, before adjusting for the costs of any expired coverage. An analysis of insurance policies showed that $4,660 of coverage had expired. f. Wage expenses of $3,000 have been incurred but are not paid as of December 31, 2017. E Prepare adjusting journal entries for the year ended (date of) December 31, 2017, for each of these separate situations. View transaction list

Answer 1

Journal entries Transaching General Journal Debit Credit 10,000 10,000 (a). Depreciation Expense Al To Acuumalated depoes (to record depruation expense) 7960 (b2. Insurance Expense Ale 17960 Prepaid In rance All (To record expired pre paid insurance) 9000-10402 ce 2640 2640 Supplies Expense Ale expense Alec - Supplies Afc (To record supplies used ) (220 + 2680 – 260) (d) | 8000 Revenue Alc 8000 a Costomer Advances Al (To record work preformed against advance received) 243*12000) 4660 4660 Les Insurance Expense AC - Prepaid unsurance fic (To record expired unor insurance)

3000 (f) Wages Ale Wages payable Alc. (To record wages payable. 3000
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