Question

I am messed on part 2, pls help me

10/2020 Cash Total Vehicle Interest Expense Income Tax Expenses Supplies Expense Rent Expense Dividends Inventory Supplies Insurance Expense Wages Expense ID Delivery Expense Repair Expense Depreciation Expense Equipment Service Revenue Common Stock Wages Payable Long-Term Notes Payable Unearned Revenue Accounts Payable Accumulated Depreciation Prepaid Insurance Retained Earnings (1/1/2018) #12932 Accounts Receivable R 2 4127 6131 FzAz Rom 29 $$ M&X 53.15 Up the 24+ PK that CE RIA . as lex 1546 , A 13 ER I December 31, 2018 Unadjusted Trial Balance Kristen Company 807,800 45,000 6,000 50,000 190,000 10,000 64,000 6,000 50,000 1,800 4,000 64,000 14,000 100,000 36,000 12,000 30,000 125,000 807,800 586,000 65,700 35,000 46,000 12,500 18,600 9,000 35,000 UnadjustedKristen.png Part 1: Prepare adjusting journal entries using to you in Question 1 of the Financial Statement Homew information provided below. The Unadjusted Trial B the D2L quiz by right clicking on the image and saving preparing the adjusting journal entries, use only the a Unadjusted Trial Balance (do not create any new account namice abbreviate account names). informon Question 1 ofing journal entries ntries using the unadjusted trial balance provided tement Homework quiz on D2L and the le Unadjusted Trial Balance can be downloaded from 9 journal entries, use only the account names provided le image and saving it to your computer. When not create any new account names and do not 1. The prepaid insurance balance aid insurance balance reflects a 12-month insurance policy which on Sept. 1, 2018, and no adiustments were made from Sept. 1 - Dec. 31, 2018. Write the adiusting journal entry for Dec. 31, 2018. Insurance expense 12000 prepard Insurance 12000 2. Additional depreciation expense of $15,000 needs to be recorded for the year ended 2018. Deprecration 1500 e 15000 Acumulated pepreciation 3. Wages due to employees of $8.000 need to be recorded at year end. These wages will be paid to employees on January 9, 2019. (next month) wages expense 8000 nages Payable 800 4. The company has completed $12,900 of the amount in unearned revenue as of Dec. 31st Uneamed revenue venue 12900 service revenue 12900 5. In Dec. the company provided services worth $8,000 to clients that were not yet billed or recorded by Dec. 31. Record the additional revenue. Allounts receivable 8000 8000 serysce revenue 6. On Dec 31st the company completed a physical count of their supplies and determined that only $4,000 of supplies are still on hand. Suplelses expense 8000 SOOO supplies Page 2 of 8 Part 2: Post the adjusting journal entries to t-accounts: (Hints on getting started: Above each T-account, write the account name or each account affected by an adjusting journal entry (you may not need to use a accounts). Write in the unadjusted balance for each of these accounts from the Unadjusted Trial Balance provided in question 1 of your D2L quiz (the unadjusted balance might be a debit, a credit, or zero balance). Now you are ready to post your adjusting journal entries from Part 1 to the corresponding T-accounts and calculate adjusted balances. TT TTT Page 3 of 8

Answer 1

OR INSURANCE EXPENSES CR DR PREPAID INSURANCE BALANCE Prepaid insurance 10,000 12,000 1. BALANCE 22,000 Celosing] BALANCE 36,000 1 Insurance 12,000 expenses closing (24,000 Balance 22.000 22,ooo 36,000 36,000 DR DEPRECIATION EXPENSES ER DR ACCUMULATED DEPRECIATION OR 6,000 BALANCE 35,000 BALANCE 2. Accumulated depreciation Closing Balance (21,000 Closing balance 150,000/ 15,000 2. Dupreei 15,000 ation cexpenses 21,000 21,000 50,000 50,000 DR WA GES EXPENSES CR DR WAGES PAYABLE CR BALANCE BALANCE 190,000 Closing 8,000 balance closing 12,500 11,99,000/ balance 3. wagies payable 20,500 3. wages expenses 8,000 1998,000 20,500 1,98,000 20,500

DR UN EARNED REVENUE SERVICE REVENUE er. 12,900 BALANCE 18.600 4. Service Revenue 5,86,000 closing 12,900 balance Closing Balance BALANCE 16,06,9004, unearmed revenue 5. Accounts Receivable 8,000 6,06,900 6,06, 900 18,600 18,600 CR. DR. ACCOUNTS RECEIVABLE er DR SUPPLIES EXPENSES BALANCE 30,000 closing 138,000 BALANCE 50,000 balance 6. Subblices 8,000 closing revenue balance 58,000 5. Service 8,000) 38,000 38,000 58,000 58,000 DR Not Reavised SUPPLIES BALANCE 12,000/6. Supplices expenses 8,000 Closing 14,000 balance 12,000 12,000