Question

Question 6 incomplete answer Marked out of 1.00 P Flag question Adjusting Entries for each of the following unrelated situations, prepare the necessary adjusting entry in general journal form a. Unrecorded depreciation on equipment is $1,850 b. The Supplies account has a balance of 54,000. Supplies on hand at the end of the period totaled $2,500. c. On the date for preparing financial statements, an estimated utilities expense of $610 has been incurred, but no utility bill has been received d. On the first day of the current month, rent for four months was paid and recorded as a $2,800 debit to Prepaid Rent and a $2,800 credit to Cash. Monthly statements are now being prepared. e. Nine months ago, Macke Insurance Company sold a one-year policy to a customer and recorded the receipt of the premium by debiting Cash for $624 and crediting Unearned Premium Revenue $624 No adjusting entries have been prepared during the nine-month period. Annual financial statements are now being prepared. f. At the end of the accounting period, employee wages of $635 have been incurred but not paid. 8. At the end of the accounting period, S725 of interest has been earned but not yet received on notes receivable that are held.

Answer 1

a.Depreciation Account Dr 1850

To Accumulated Depreciation Equipment 1850

b.Supplies Expense Dr 1500

To Supply Account 1500

4000 - 2500 = 1500

c.Utilities Expense Account Dr 610

To Accrued Utility Expense 610

d.Rent Account Dr 700

To Prepaid Expense 700

2800 for 4 months so for 1 month = 2800 / 4 =700

e.Unearned Premium Revenue Dr 468

To Premium Revenue 468

624 for 1 year so for nine months = 624 /12 x 9 =468

f.wages and salary account Dr 635

To Wages and salary payable 635

g.Accrued int on notes payable Dr 725

To Interest on notes payable 725