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Save Homework: Chapter 3 homework Score: 0 of 1 pt 1 of 1 (0 complete) CP3-46 (similar to) HW Score: 0%, 0 of 1 pt IE Question Help Wicked Wild Company completed the following transactions in November and December and prepared the following unadjusted trial balance at December 31, 2018: (Click the icon to view the November and December transactions.) (Click the icon to view the unadjusted trial balance.) At December 31, the business gathers the following information for the adjusting entries: (Click the icon to view the additional information.) Read the requirements. Requirement 1. Journalize and post the adjusting entries. In the T-accounts, denote each adjusting amount as Adi and an account balance as Bal Begin by journalizing the adjusting entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. Office supplies on hand, $700. Date Accounts and Explanation Debit Credit 31 Dec. Adj. (a) Choose from any list or enter any number in the input fields and then click Check Answer. Check Answer Clear All 10 parts 10 remaining

Answer 1

1.

Date	Accounts and Explanation	Debit	Credit
Dec. 31
Adj. (a)	Office supplies expense ($2300 - $700)	1600
	Office supplies		1600
	(To record office supplies used)
Adj. (b)	Rent expense ($3300 x 1/3)	1100
	Prepaid rent		1100
	(To record prepaid rent expired)
Adj. (c)	Depreciation expense [($172000 - $16000) x 1/120]	1300
	Accumulated depreciation-building		1300
	(To record depreciation on building)
Adj. (d)	Unearned revenue	350
	Canoe rental revenue		350
	(To record revenue earned)
Adj. (e)	Wages expense	750
	Wages payable		750
	(To record wages accrued)
Adj. (f)	Accounts receivable	1300
	Canoe rental revenue		1300
	(To record revenue earned but not recorded)
Adj. (g)	Depreciation expense [($5760 - $0) x 2/96]	120
	Accumulated depreciation-canoes		120
	(To record depreciation on canoes purchased in November)
Adj. (h)	Depreciation expense [($9120 - $0) x 1/96]	95
	Accumulated depreciation-canoes		95
	(To record depreciation on canoes purchased in December)
Adj. (i)	Interest expense	100
	Interest payable		100
	(To record interest accrued on note payable)

Note: Only accounts affected by the adjusting entries have been shown below.

The adjustment entry no. has been shown for ease of understanding.

Accounts Receivable					Office Supplies
Bal.	6600				Bal.	2300
Adj. (f)	1300						1600	Adj. (a)
Bal.	7900				Bal.	700
Prepaid Rent					Accumulated Depreciation-Buildings
Bal.	3300				Bal.		0
		1100	Adj. (b)				1300	Adj. (c)
Bal.	2200				Bal.		1300
Accumulated Depreciation-Canoes					Wages Payable
Bal.		0			Bal.		0
		120	Adj. (g)				750	Adj. (e)
		95	Adj. (h)		Bal.		750
Bal.		215
Interest Payable					Unearned Revenue
Bal.		0			Bal.		500
		100	Adj. (i)		Adj. (d)	350
Bal.		100			Bal.		150
Canoe Rental Revenue					Rent Expense
Bal.		13000			Bal.	1100
		350	Adj. (d)		Adj. (b)	1100
		1300	Adj. (f)
Bal.		14650			Bal.	2200
Wages Expense					Interest Expense
Bal.	4100				Bal.	0
Adj. (e)	750				Adj. (i)	100
Bal.	4850				Bal.	100
Office Supplies Expense					Depreciation Expense
Bal.	0				Bal.	0
Adj. (a)	1600				Adj. (c)	1300
Bal.	1600				Adj. (g)	120
					Adj. (h)	95
					Bal.	1515

2.

Wicked Wild Company
Adjusted Trial Balance
December 31, 2018
Account Title	Debit	Credit
Cash	7060
Accounts receivable	7900
Office supplies	700
Prepaid rent	2200
Canoes	14880
Land	120000
Building	172000
Accumulated depreciation-canoes		1300
Accumulated depreciation-building		215
Accounts payable		3860
Utilities payable		270
Telephone payable		290
Wages payable		750
Interest payable		100
Unearned revenue		150
Notes payable		9120
Common stock		306000
Dividends	800
Canoe rental revenue		14650
Rent expense	2200
Wages expense	4850
Utilities expense	470
Telephone expense	430
Depreciation expense	1515
Office supplies expense	1600
Interest expense	100
Total	336705	336705