Question

Nickleby's Ski Store is completing the accounting process for its first year ended December 31, 2017. The transactions during 2017 have been journalized and posted. The following data are available to determine adjusting journal entries: a. The unadjusted balance in Office Supplies was $1,050 at December 31, 2017. The unadjusted balance in Supplies Expense was so b. Wages earned by employees during December 2017, unpaid and unrecorded at December 31, 2017, amounted to $5,300. The last paycheques were issued December 28, the next payments will be made on January 6, 2018. The unadjusted balance in Wages Expense was $48,000 at December 31, 2017 CA portion of the store's basement is now being rented for $1,500 per month to K. Frey. On November 1, 2017, the store collected ste months' rent in advance from Frey in the amount of $9,000. It was credited in full to Deferred Rent Revenue when collected. The unadjusted balance in Rent Revenue was $0 at December 31, 2017 d. The store purchased delivery equipment at the beginning of the year. The estimated depreciation for 2017 is $7,000, although none has been recorded yet. e On December 31, 2017, the unadjusted balance in Prepaid Insurance was $6,400. This was the amount paid in the middle of the year for a two-year insurance policy, with coverage beginning on July 1 2017. The unadjusted balance in Insurance Expense was $1,000, which was the cost of insurance from January 1 to June 30, 2017 Nickleby's store did some ski repair work for Frey. At the end of December 31, 2017 Frey had not paid for work completed, amounting to $950. This amount has not yet been recorded as Repair Shop Revenue Collection is expected during January 2018 Required: Earlier in 2017, Nickleby's store had already provided, recorded, and collected cash for $7000 of repair services for other customers 1. For each of the items listed above, indicate the account names and adjusted balances that should be reported on Nickleby's year. end balance sheet and income statement. Statement Account la Balance sheet Income statement b Balance sheet Income statement ic Balance sheet Income statement Id Balance sheet Income statement Balance sheet Income statement Adjusted Balance 140 $ 910 $ 5.300 $ 53.300 $ 6000 3.000 $ 7 000 $ 7000 $ 4000 $ 2.600 < Prev 1 of 5 Next > E e

Answer 1

Please give positive ratings so I can keep answering. It would help me a lot. Please comment if you have any query. Thanks!

Event	Statement	Account	Balance
a.	Balance Sheet	Supplies	140.00
	Income Statement	Supplies Expense	910.00
b.	Balance Sheet	Wages Payable	5,300.00
	Income Statement	Wages Expense	53,300.00
c.	Balance Sheet	Deferred Rent Revenue	6,000.00
	Income Statement	Rent Revenue	3,000.00
d.	Balance Sheet	Accumulated Depreciation- Delivery Equipment	7,000.00
	Income Statement	Depreciation Expense- Delivery Equipment	7,000.00
e.	Balance Sheet	Prepaid Insurance	4,800.00
	Income Statement	Insurance Expense	2,600.00
f.	Balance Sheet	Accounts Receivable- Frey	950.00
	Income Statement	Repair Shop Revenue	7,950.00

	Journal Entry
Event	General Journal	Debit $	Credit $
a.	Supplies Expense	140.00
	Supplies		140.00
b.	Wages Expense	5,300.00
	Wages Payable		5,300.00
c.	Deferred Rent Revenue	3,000.00
	Rent Revenue		3,000.00
d.	Depreciation Expense- Delivery Equipment	7,000.00
	Accumulated Depreciation- Delivery Equipment		7,000.00
e.	Insurance Expense	1,600.00
	Prepaid Insurance		1,600.00
f.	Accounts Receivable- Frey	950.00
	Repair Shop Revenue		950.00