Prepare adjusting journal entries for the year ended (date of)
December 31, 2017, for each of these separate situations.
Transcation | General Journal | Debit | Credit |
1 | Depreciation Expense-Equipment | $ 11,000.00 | |
Accumulated Depreciation -Equipment | $ 11,000.00 | ||
2 | Insurance Expense | $ 5,840.00 | |
Prepaid Insurance | $ 5,840.00 | ||
3 | Office Supplies Expense | $ 2,601.00 | |
Office Supplies | $ 2,601.00 | ||
4 | Unearned Fee Revenue | $ 2,000.00 | |
Fee Revenue | $ 2,000.00 | ||
5 | Insurance Expense | $ 4,540.00 | |
Prepaid Insurance | $ 4,540.00 | ||
6 | Wages Expense | $ 2,000.00 | |
Wages Payable | $ 2,000.00 |
Depreciation on the company's equipment for 2017 is computed to be $11,000. The Prepaid Insurance account...
Depreciation on the company's equipment for 2017 is computed to be $12,000. The Prepaid Insurance account had a $9,000 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 $840 of unexpired insurance coverage remains. The Office Supplies account had a $310 debit balance on December 31, 2016; and $2,680 of office supplies were purchased during the year. The December 31, 2017, physical count showed $366...
a. Depreciation on the company's equipment for 2017 is computed to be $14,000. b. The Prepaid Insurance account had a $6,000 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 $1,560 of unexpired insurance coverage remains. c. The Office Supplies account had a $420 debit balance on December 31, 2016; and $2,680 of office supplies were purchased during the year. The December 31, 2017, physical...
a. Depreciation on the company's equipment for 2017 is computed to be $16.000. b. The Prepaid Insurance account had a $5,000 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 $1,700 of unexpired Insurance coverage remains. c. The Office Supplies account had a $590 debit balance on December 31, 2016; and $2,680 of office supplies were purchased during the year. The December 31, 2017, physical...
a. Depreciation on the company's equipment for 2017 is computed to be $15,000. b. The Prepaid Insurance account had a $9,000 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 $990 of unexpired insurance coverage remains c. The Office Supplies account had a $220 debit balance on December 31, 2016, and $2,680 of office supplies were purchased during the year. The December 31, 2017, physical...
a. Depreciation on the company's equipment for the year is computed to be $11,000. b. The Prepaid Insurance account had a $5,000 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of the company's Insurance policies showed that $1,800 of unexpired insurance coverage remains. c. The Office Supplies account had a $410 debit balance at the beginning of the year, and $2,680 of office supplies were purchased during the year. The December 31...
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...
a. Depreciation on the company's equipment for the year is computed to be $15,000. b. The Prepaid Insurance account had a $9,000 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $1,930 of unexpired insurance coverage remains. c. The Office Supplies account had a $320 debit balance at the beginning of December, and $2,680 of office supplies were purchased in December. The December 31 physical count...
E a. Depreciation on the company's equipment for 2017 is computed to be $10,000. b. The Prepaid Insurance account had a $9,000 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 $1,040 of unexpired insurance coverage remains. c. The Office Supplies account had a $220 debit balance on December 31, 2016; and $2,680 of office supplies were purchased during the year. The December 31, 2017,...
66 boints a. Depreciation on the company's equipment for 2017 is computed to be $12,000. b. The Prepaid Insurance account had a $8,000 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 $1,800 of unexpired insurance coverage remains. C. The Office Supplies account had a $390 debit balance on December 31, 2016: and $2.680 of office supplies were purchased during the year. The December 31,...
Exercise 3-6 Preparing adjusting entries LO P1 a. Depreciation on the company's equipment for 2017 is computed to be $17,000. 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 $1,960 of unexpired insurance coverage remains. c. The Office Supplies account had a $280 debit balance on December 31, 2016; and $2,680 of office supplies were purchased during...