For each of the following separate situations, prepare the necessary adjustments in journal entry form.
1. Unrecorded depreciation on equipment is $610.
2. On the date for preparing financial statements, an estimated
utilities expense of $390 has been incurred, but no utility bill
has yet been received or paid.
3. On the first day of the current period, rent for four periods
was paid and recorded as a $2,800 debit to Prepaid Rent and a
$2,800 credit to Cash.
4. Nine months ago, The Hartford Financial Services Group sold a
one-year policy to a customer and recorded the receipt of the
premium by debiting Cash for $624 and crediting Contract
Liabilities for $624. No adjusting entries have been prepared
during the nine-month period. Hartford's annual financial
statements are now being prepared.
5. At the end of the period, employee wages of $965 have been
incurred but not yet paid or recorded.
6. At the end of the period, $300 of interest income has been
earned but not yet received or recorded
General Journal | |||
---|---|---|---|
Description | Debit | Credit | |
(1) | |||
To record depreciation for the period. | |||
(2) | |||
To record accrued utilities expense. | |||
(3) | |||
To record rent expense for the month. | |||
(4) | |||
To record premium revenue earned. | |||
(5) | |||
To record accrued wages at the end of the period. | |||
(6) | |||
To accrue interest earned but not yet received. |
.
General Journal | |||
---|---|---|---|
Description | Debit | Credit | |
(1) | Depreciation expense | 610 | |
Accumulated depreciation-equipment | 610 | ||
To record depreciation for the period. | |||
(2) | Utilities expense | 390 | |
Utilities payable | 390 | ||
To record accrued utilities expense. | |||
(3) | Rent expense (2800/4) | 700 | |
Prepaid rent | 700 | ||
To record rent expense for the month. | |||
(4) | Contract liabilities (624/12*9) | 468 | |
revenue earned | 468 | ||
To record premium revenue earned. | |||
(5) | Wages expense | 965 | |
Wages payable | 965 | ||
To record accrued wages at the end of the period. | |||
(6) | Interest receivable | 300 | |
Interest revenue | 300 | ||
To accrue interest earned but not yet received. |
.
For each of the following separate situations, prepare the necessary adjustments in journal entry form. 1....
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