Question

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Kristen Company Unadjusted Trial Balance December 31, 2018 125,000 30,000 12,000 36,000 100,000 14,000 64,000 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 35,000 9,000 18,600 12,500 46,000 35,000 65,700 4,000 586.000 1,800 50,000 6,000 64,000 10,000 190,000 50,000 6,000 45,000 807,800 807,800 The prepaid insurance balance reflects a 12-month insurance policy which started on Sept. 1, 2018, and no adjustments were made from Sept. 1 - Dec. 31, 2018. Write the adjusting journal entry for Dec. 31, 2018. In Blank [1] enter the account to be debited. In Blank (2) enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited. [2]$ Dr. [1] --------- Cr. [3] _________ _ [4]$ Additional depreciation expense of $15,000 needs to be recorded for the year ended 2018. In Blank [1] enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited. [2]$__ - - - - - - - - - - - - - - - - -- - - - - - - - - - Dr. [1] Cr. [3] _____ _ [4]$__ Wages due to employees of $8,000 need to be recorded at year end. These wages will be paid to employees on January 9, 2019 (next month). In Blank [1] enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited. [2]$_ -------- Dr. [1] Cr. [3] - [4]$ The company has completed $12,900 of the amount in unearned revenue as of Dec. 31st In Blank [2] enter the amount to be debited. In Blank [1] enter the account to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited. Dr. [1] [2]$ Cr. [3] ________ [4]$ In December the company provided services worth $8,000 to clients that were not yet billed or recorded by Dec. 31. Record the additional revenue. In Blank [1] enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited. [2]$. Dr. [1] Cr. [3]__ ------------ [4]$_ On Dec 31st the company completed a physical count of their supplies and determined that only $4,000 of supplies are still on hand. In Blank [1] enter the account to be debited. In Blank (2) enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited. Dr. [1] __ [2]$ Cr. [3]_______________ [4]$_

Answer 1

Adjusting Entries:

Date	Account title and Explanation	Debit	Credit
Dec.31,2018	Insurance Expense [36,000 x 4/12]	$12,000
	Prepaid insurance		$12,000
	[To record insurance expense]
Dec.31,2018	Depreciation expense	$15,000
	Accumulated depreciation		$15,000
	[To record depreciation expense]
Dec.31,2018	Wages expense	$8,000
	Wages payable		$8,000
	[To record accrued wages expense]
Dec.31,2018	Unearned revenue	$12,900
	Service revenue		$12,900
	[To record revenue from unearned]
Dec.31,2018	Accounts receivable	$8,000
	Service revenue		$8,000
	[To record accrued service revenue]
Dec.31,2018	Supplies expense [12,000-4,000]	$8,000
	Supplies		$8,000
	[To record supplies expense]