Adjusting Entries | ||||
Date | Accounts | Debit | Credit | |
1 | Prepaid Insurance Dr | $9,000 | =10800*30/36 | |
To Insurance Expense | $9,000 | |||
(Being Insurance prepaid.) | ||||
2 | Depreciation Expense Dr | $11,250 | ||
To Equipment | $11,250 | |||
(Being Depreciation for equipment for the year.) | ||||
3 | Salaries Dr | $14,500 | ||
To Salaries Payable | $14,500 | |||
(Being salary for December payable.) | ||||
4 | Interest Expense Dr | $3,000 | =150000*12%*2/12 | |
To Accrued Interest | $3,000 | |||
(Being interest on loan accrued for 2 months.) | ||||
5 | Deferred Rent Revenue Dr | $1,600 | =4800/3 | |
To Rent Revenue | $1,600 | |||
(Being rent for dec.) | ||||
6 | Rent Revenue Dr | $3,200 | =4800*2/3 | |
To Deferred Rent Revenue | $3,200 | |||
(Being Rent received for Jan & Feb deferred.) |
Exercise 2-8 (Algo) Adjusting entries (LO2-6] The following transactions occurred during December 31, 2021, for the...
Exercise 2-8 (Algo) Adjusting entries (LO2-6) The following transactions occurred during December 31, 2021, for the Falwell Company. 1. A three-year fire insurance policy was purchased on July 1, 2021, for $10,800. The company debited insurance expense for the entire amount. 2. Depreciation on equipment totaled $11,250 for the year. 3. Employee salaries of $14,500 for the month of December will be paid in early January 2022. 4. On November 1, 2021, the company borrowed $150,000 from a bank. The...
The following transactions occurred during December 31, 2021, for the Falwell Company. 1. A three-year fire insurance policy was purchased on July 1, 2021, for $9,360. The company debited insurance expense for the entire amount. 2. Depreciation on equipment totaled $10,250 for the year. 3. Employee salaries of $12,500 for the month of December will be paid in early January 2022. 4. On November 1, 2021, the company borrowed $110,000 from a bank. The note requires principal and interest at...
The following transactions occurred during December 31, 2021, for the Falwell Company. 1. A three-year fire insurance policy was purchased on July 1, 2021, for $11,520. The company debited insurance expense for the entire amount 2. Depreciation on equipment totaled $11,750 for the year, 3. Employee salaries of $15,500 for the month of December will be paid in early January 2022. 4. On November 1, 2021, the company borrowed $170,000 from a bank. The note requires principal and interest at...
The following transactions occurred during December 31, 2021, for the Falwell Company. 1. A three-year fire insurance policy was purchased on July 1, 2021, for $12,960. The company debited insurance expense for the entire amount. 2. Depreciation on equipment totaled $12,750 for the year. 3. Employee salaries of $17,500 for the month of December will be paid in early January 2022 4. On November 1, 2021, the company borrowed $220,000 from a bank. The note requires principal and interest at...
The following transactions occurred during December 31, 2021, for the Folwell Company 1. A three-year fire insurance policy was purchased on July 1, 2021, for $9,720. The company debited insurance expense for the entire amount. 2. Depreciation on equipment totaled $10,500 for the year. 3. Employee salaries of $13,000 for the month of December will be paid in early January 2022. 4. On November 1, 2021, the company borrowed $120,000 from a bank. The note requires principal and interest at...
The following transactions occurred during December 31, 2021, for the Folwell Company, entire amount 1. A three-year fire Insurance policy was purchased on July 1, 2021, for $14,760. The company debited Insurance expense for the 2. Depreciation on equipment totaled $14,000 for the year 3. Employee salaries of $20,500 for the month of December will be paid in early January 2022. 4. On November 1, 2021, the company borrowed $270,000 from a bank. The note requires principal and interest at...
The following transactions occurred during December 31, 2021, for the Falwell Company. A three-year fire insurance policy was purchased on July 1, 2021, for $14,040. The company debited insurance expense for the entire amount. Depreciation on equipment totaled $13,500 for the year. Employee salaries of $19,500 for the month of December will be paid in early January 2022. On November 1, 2021, the company borrowed $250,000 from a bank. The note requires principal and interest at 12% to be paid...
The following transactions occurred during December 31, 2021, for the Falwell Company. A three-year fire insurance policy was purchased on July 1, 2021, for $12,000. The company debited insurance expense for the entire amount. Depreciation on equipment totaled $15,000 for the year. Employee salaries of $18,000 for the month of December will be paid in early January 2022. On November 1, 2021, the company borrowed $200,000 from a bank. The note requires principal and interest at 12% to be paid...
1. A three-year fire insurance policy was purchased on July 1, 2021, for $15,840. The company debited insurance expense for the entire amount. 2. Depreciation on equipment totaled $14,750 for the year. 3. Employee salaries of $22,000 for the month of December will be paid in early January 2022. 4. On November 1, 2021, the company borrowed $300,000 from a bank. The note requires principal and interest at 12% to be paid on April 30, 2022. 5. On December 1, 2021, the company received...
Exercise 3-12A Record year-end adjusting entries (LO3-3) Below are transactions for Wolverine Company during 2021 1. On December 1, 2021, Wolverine receives $2,200 cash from a company that is renting office space from Wolverine. The payment. representing rent for December and January, is credited to Deferred Revenue. 2. Wolverine purchases a one year property insurance policy on July 1, 2021, for $11,040. The payment is debited to Prepaid Insurance for the entire amount. 3. Employee salaries of $1,200 for the...