Question

101 the work you have completed so far. It does not indicate completion Help Save & Return to a. Depreciation on the company's equipment for the year is computed to be $10,000. b. The Prepaid Insurance account had a $6,000 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $1,840 of unexpired insurance coverage remains. C. The Office Supplies account had a $250 debit balance at the beginning of the year, and $2,680 of office supplies were purchased during the year. The December 31 physical count showed $295 of supplies available. d. Three-fourths of the work related to $13,000 of cash received in advance was performed this period. e. The Prepaid Rent account had a $5,500 debit balance at December 31 before adjusting for the costs of expired prepaid rent An analysis of the rental agreement showed that $3,660 of prepaid rent had expired. 1. Wage expenses of $3,000 have been incurred but are not paid as of December 31 Prepare adjusting journal entries for the year ended (date of) December 31 for each of these separate situations. No Answer is complete but not entirely correct. Transaction General Journal Depreciation expense Equipment Accumulated depreciation Equipment Debit 10,000 Credit 10,000 Insurance expense Prepaid insurance 4,160 Supplies expense Supplies Uneamed revenue Revenue Rent expense < Prev 8 of 15 !!! Score answer >

Answer 1

Journal

c	Supplies expense	2,635
	Supplies		2,635
d	Unearned revenue	9,750
	Revenue		9,750
e	Rent expense	3,660
	Prepaid rent		3,660
f	Wages expense	3,000
	Wages payable		3,000

Supplies expense = Supplies, beginning + Supplies purchased - Supplies, ending

= 250 + 2,680 - 295

= $2,635

Revenue earned = 13,000 x 3/4

= $9,750

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