Need some help with this problem, mainly on the Part A, D and E. Adjusting Entries are hella confusing.
Homework Answers
Adjusting entry
| No | General Journal | Debit | Credit |
| a | Rent expense (530*4) | 2120 | |
| Prepaid rent | 2120 | ||
| d | Insurance expense (2580*7/12) | 1505 | |
| Prepaid insurance | 1505 | ||
| e | Supplies expense (1300-630) | 670 | |
| Supplies | 670 | ||
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Need some help with this problem, mainly on the Part A, D and E.
Adjusting Entries...
For each separate case, record the necessary adjusting entry. a. On July 1, Lopez Company paid...
For each separate case, record the necessary adjusting entry. a. On July 1, Lopez Company paid $2,200 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31. b. Zim Company has a Supplies account balance of $7.000 at the beginning of the year. During the year, it purchased $3,000 of supplies. As of December 31, a physical count of supplies shows $1,300 of supplies available. points Prepare the...
Exercise 3-1 Preparing adjusting entries LO P1, P2, P3 a. Depreciation on the company's equipment for...
Exercise 3-1 Preparing adjusting entries LO P1, P2, P3 a. Depreciation on the company's equipment for the year is computed to be $14,000. 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 $1,440 of unexpired insurance coverage remains. c. The Office Supplies account had a $390 debit balance at the beginning of the year; and $2,680 of office...
Zavier Company must make three adjusting entries on December 31, 2016. a. Supplies used, $9,100; (supplies...
Zavier Company must make three adjusting entries on December 31, 2016. a. Supplies used, $9,100; (supplies totaling $14,200 were purchased on December 1, 2016, and debited to the Supplies account). b. Expired insurance, 56,300 on December 1, 2016, the firm paid $37,800 for six months insurance coverage in advance and debited Prepaid Insurance for this amount. c. Depreciation expense for equipment, $3,900.TLES Prepare the journal entries for the above adjustments View transaction list Journal entry worksheet Prepare the adjusting entry...
Exercise 3-6 Preparing adjusting entries LO P1, P2, P3, P4 a. Depreciation on the company's wind...
Exercise 3-6 Preparing adjusting entries LO P1, P2, P3, P4 a. Depreciation on the company's wind turbine equipment for the year is $5,100. b. The Prepaid Insurance account for the solar panels had a $2,100 debit balance at December 31 before adjusting for the costs of any expired coverage. Analysis of prepaid insurance shows that $650 of unexpired insurance coverage remains at year-end. c. The company received $3,300 cash in advance for sustainability consulting work. As of December 31, one-third...
Exercise 3-1 Preparing adjusting entries LO P1, P2, P3 a. Depreciation on the company's equipment for...
Exercise 3-1 Preparing adjusting entries LO P1, P2, P3 a. Depreciation on the company's equipment for the year is computed to be $16,000. b. The Prepaid Insurance account had a $7000 debit balance at December 31 before adjusting for the costs of any expired coverage An analysis of the company's insurance policies showed that $1700 of unexpired insurance coverage remains c. The Office Supplies account had a $280 debit balance at the beginning of the year, and $2,680 of office...
Help 5 7 For each separate case, record the necessary adjusting entry. 1 a. On July...
Help 5 7 For each separate case, record the necessary adjusting entry. 1 a. On July 1, Lopez Company paid $2,300 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31. b. Zim Company has a Supplies account balance of $7.200 at the beginning of the year. During the year, it purchased $3,100 of supplies. As of December 31, a physical count of supplies shows $1,350 of supplies...
Desoto Company must make three adjusting entries on December 31, 2019. a. Supplies used, $10,100 (supplies...
Desoto Company must make three adjusting entries on December 31, 2019. a. Supplies used, $10,100 (supplies totaling $16,200 were purchased on December 1, 2019, and debited to the Supplies account). b. Expired insurance, $7,300; on December 1, 2019, the firm paid $43,800 for six months' insurance coverage in advance and debited Prepaid Insurance for this amount. c. Depreciation expense for equipment, $4,900 Required: Prepare the journal entries for these adjustments and post the entries to the general ledger accounts Complete...
Saved pare adjusting journal entries for the year ended (date of) December 31 for each of...
Saved pare adjusting journal entries for the year ended (date of) December 31 for each of thes View transaction list Journal entry worksheet < 0 2 3 4 5 6 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 $1,330 of unexpired insurance coverage remains. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry...
Exercise 3-6 Preparing adjusting entries LO P1 a. Depreciation on the company's equipment for 2017 is...
Exercise 3-6 Preparing adjusting entries LO P1 a. Depreciation on the company's equipment for 2017 is computed to be $11,000. b. The Prepaid Insurance account had a $7,000 debit balance at December 31, 2017, before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $1,510 of unexpired insurance coverage remains. c. The Office Supplies account had a $230 debit balance on December 31, 2016; and $2,680 of office supplies were purchased during...
need help with this question A+T Williamson Company is making adjusting entries for the year ended...
need help with this question
A+T Williamson Company is making adjusting entries for the year ended December 31 of the current year. In developing information for the adjusting entries, the accountant learned the following: a. A two-year insurance premium of $5,280 was paid on October 1 of the current year for coverage beginning on that date. The bookkeeper debited the full amount to Prepaid Insurance on October 1. b. At December 31 of the current year, the following data relating...
For each separate case, record the necessary adjusting entry. a. On July 1, Lopez Company paid $2,200 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31. b. Zim Company has a Supplies account balance of $7.000 at the beginning of the year. During the year, it purchased $3,000 of supplies. As of December 31, a physical count of supplies shows $1,300 of supplies available. points Prepare the...
Exercise 3-1 Preparing adjusting entries LO P1, P2, P3 a. Depreciation on the company's equipment for the year is computed to be $14,000. 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 $1,440 of unexpired insurance coverage remains. c. The Office Supplies account had a $390 debit balance at the beginning of the year; and $2,680 of office...
Zavier Company must make three adjusting entries on December 31, 2016. a. Supplies used, $9,100; (supplies totaling $14,200 were purchased on December 1, 2016, and debited to the Supplies account). b. Expired insurance, 56,300 on December 1, 2016, the firm paid $37,800 for six months insurance coverage in advance and debited Prepaid Insurance for this amount. c. Depreciation expense for equipment, $3,900.TLES Prepare the journal entries for the above adjustments View transaction list Journal entry worksheet Prepare the adjusting entry...
Exercise 3-6 Preparing adjusting entries LO P1, P2, P3, P4 a. Depreciation on the company's wind turbine equipment for the year is $5,100. b. The Prepaid Insurance account for the solar panels had a $2,100 debit balance at December 31 before adjusting for the costs of any expired coverage. Analysis of prepaid insurance shows that $650 of unexpired insurance coverage remains at year-end. c. The company received $3,300 cash in advance for sustainability consulting work. As of December 31, one-third...
Exercise 3-1 Preparing adjusting entries LO P1, P2, P3 a. Depreciation on the company's equipment for the year is computed to be $16,000. b. The Prepaid Insurance account had a $7000 debit balance at December 31 before adjusting for the costs of any expired coverage An analysis of the company's insurance policies showed that $1700 of unexpired insurance coverage remains c. The Office Supplies account had a $280 debit balance at the beginning of the year, and $2,680 of office...
Help 5 7 For each separate case, record the necessary adjusting entry. 1 a. On July 1, Lopez Company paid $2,300 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31. b. Zim Company has a Supplies account balance of $7.200 at the beginning of the year. During the year, it purchased $3,100 of supplies. As of December 31, a physical count of supplies shows $1,350 of supplies...
Desoto Company must make three adjusting entries on December 31, 2019. a. Supplies used, $10,100 (supplies totaling $16,200 were purchased on December 1, 2019, and debited to the Supplies account). b. Expired insurance, $7,300; on December 1, 2019, the firm paid $43,800 for six months' insurance coverage in advance and debited Prepaid Insurance for this amount. c. Depreciation expense for equipment, $4,900 Required: Prepare the journal entries for these adjustments and post the entries to the general ledger accounts Complete...
Saved pare adjusting journal entries for the year ended (date of) December 31 for each of thes View transaction list Journal entry worksheet < 0 2 3 4 5 6 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 $1,330 of unexpired insurance coverage remains. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry...
Exercise 3-6 Preparing adjusting entries LO P1 a. Depreciation on the company's equipment for 2017 is computed to be $11,000. b. The Prepaid Insurance account had a $7,000 debit balance at December 31, 2017, before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $1,510 of unexpired insurance coverage remains. c. The Office Supplies account had a $230 debit balance on December 31, 2016; and $2,680 of office supplies were purchased during...
need help with this question
A+T Williamson Company is making adjusting entries for the year ended December 31 of the current year. In developing information for the adjusting entries, the accountant learned the following: a. A two-year insurance premium of $5,280 was paid on October 1 of the current year for coverage beginning on that date. The bookkeeper debited the full amount to Prepaid Insurance on October 1. b. At December 31 of the current year, the following data relating...
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