Question 1:
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.
Dr. [1]_______________ [2]$_____________
Cr. [3]________________ [4]$____________
Question 1 options:
-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.
Dr. [1]_______________ [2]$_____________
Cr. [3]________________ [4]$____________
-Additional depreciation expense of $15,000 needs to be recorded for the year ended 2018. In Blank [1] enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited.
Dr. [1]_______________ [2]$_____________
Cr. [3]________________ [4]$____________
-Wages due to employees of $8,000 need to be recorded at year end. These wages will be paid to employees on January 9, 2019 (next month). In Blank [1] enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited.
Dr. [1]_______________ [2]$_____________
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 $8,000 to clients that were not yet billed or recorded by Dec. 31. Record the additional revenue. In Blank [1] enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited.
Dr. [1]_______________ [2]$_____________
Cr. [3]________________ [4]$____________
Question 1 options:
The prepaid insurance balance reflects a 12-month insurance policy which started on Sept. 1, 2018, and no adjustments were made from Sept. 1 – Dec. 31, 2018. Write the adjusting journal entry for Dec. 31, 2018. In Blank [1] enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited.
Dr. [1]_______________ [2]$_____________
Cr. [3]________________ [4]$____________
Additional depreciation expense of $15,000 needs to be recorded for the year ended 2018. In Blank [1] enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited.
Dr. [1]_______________ [2]$_____________
Cr. [3]________________ [4]$____________
Wages due to employees of $8,000 need to be recorded at year end. These wages will be paid to employees on January 9, 2019 (next month). In Blank [1] enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited.
Dr. [1]_______________ [2]$_____________
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 $8,000 to clients that were not yet billed or recorded by Dec. 31. Record the additional revenue. In Blank [1] enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited.
Dr. [1]_______________ [2]$_____________
Cr. [3]________________ [4]$____________
2. 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]$____________
What is the ending balance in the Prepaid Insurance account?
What is the ending balance in the Service Revenue account?
What is the total amount of credits in the Adjusted Trial Balance?
Homework Answers
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Question 1:
The prepaid insurance balance reflects a 12-month insurance
policy which started on Sept. 1,...
Question 1 options: The prepaid insurance balance reflects a 12-month insurance policy which started on Sept....
Question 1 options: The prepaid insurance balance reflects a 12-month insurance policy which started on Sept. 1, 2018, and no adjustments were made from Sept. 1 – Dec. 31, 2018. Write the adjusting journal entry for Dec. 31, 2018. In Blank [1] enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited. Dr. [1]_______________ [2]$_____________ Cr. [3]________________...
The prepaid insurance balance reflects a 12-month insurance policy which started on Sept. 1, 2018, and...
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.
Insurance Expense
6,000
Prepaid Insurance
6,000
Additional depreciation expense of $15,000 needs to be recorded
for the year ended 2018.
Depreciation Expense
15,000
Accumulated Depreciation
15,000
Wages due to employees of $8,000 need to be recorded at year
end. These wages will be paid...
The prepaid insurance balance reflects a 12-month insurance policy which started on Sept. 1, 2018, and...
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.
Insurance Expense
6,000
Prepaid Insurance
6,000
Additional depreciation expense of $15,000 needs to be recorded
for the year ended 2018.
Depreciation Expense
15,000
Accumulated Depreciation
15,000
Wages due to employees of $8,000 need to be recorded at year
end. These wages will be paid...
Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle...
Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle 145,000 23,000 6,500 24,000 110,000 15,000 75,000 50,000 8,000 16,900 3,000 45,000 46,000 67,600 5,000 490,000 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 10,000 45,000 5,000 54,000 12,000 145,000 13,000 4,000...
pls！ Kristen Company Unadjusted Trial Balance December 31, 2018 125,000 30,000 12,000 36,000 100,000 14,000 64,000...
pls！
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...
Jade Company December 31, 2018 Unadjusted Trial Balance 130,000 25,000 15,000 12,000 100,000 14,000 64,000 Cash...
Jade Company December 31, 2018 Unadjusted Trial Balance 130,000 25,000 15,000 12,000 100,000 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 13,600 12,500 40,000 35,000 65,700 4,000 576,000 1,800 50,000 6,000 64,000 10,000 190,000 50,000 6,000...
Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle...
Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle 145,000 23,000 6,500 24,000 110,000 15,000 75,000 50,000 8,000 16,900 3,000 45,000 46,000 67,600 5,000 490,000 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 10,000 45,000 5,000 54,000 12,000 145,000 13,000 4,000...
Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle...
Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle 145,000 23,000 6,500 24,000 110,000 15,000 75,000 50,000 8,000 16,900 3,000 45,000 46,000 67,600 5,000 490,000 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 10,000 45,000 5,000 54,000 12,000 145,000 13,000 4,000...
Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle...
Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle 145,000 23,000 6,500 24,000 110,000 15,000 75,000 50,000 8,000 16,900 3,000 45,000 46,000 67,600 5,000 490,000 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 10,000 45,000 5,000 54,000 12,000 145,000 13,000 4,000...
A 12-month insurance policy was purchased on Dec. 1 for $3,600 and the Prepaid insurance account...
A 12-month insurance policy was purchased on Dec. 1 for $3,600 and the Prepaid insurance account was increased for the payment. 14- Demonstrate the required adjusting journal entry on Dec. 31 by selecting from the choices below Click the answer you think is right. Prepaid insurance would be credited for $3,600. Cash would be credited for $3,600. Insurance expense would be debited for $300. Insurance expense would be debited for $3,600.
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.
Insurance Expense
6,000
Prepaid Insurance
6,000
Additional depreciation expense of $15,000 needs to be recorded
for the year ended 2018.
Depreciation Expense
15,000
Accumulated Depreciation
15,000
Wages due to employees of $8,000 need to be recorded at year
end. These wages will be paid...
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.
Insurance Expense
6,000
Prepaid Insurance
6,000
Additional depreciation expense of $15,000 needs to be recorded
for the year ended 2018.
Depreciation Expense
15,000
Accumulated Depreciation
15,000
Wages due to employees of $8,000 need to be recorded at year
end. These wages will be paid...
Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle 145,000 23,000 6,500 24,000 110,000 15,000 75,000 50,000 8,000 16,900 3,000 45,000 46,000 67,600 5,000 490,000 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 10,000 45,000 5,000 54,000 12,000 145,000 13,000 4,000...
pls！
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...
Jade Company December 31, 2018 Unadjusted Trial Balance 130,000 25,000 15,000 12,000 100,000 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 13,600 12,500 40,000 35,000 65,700 4,000 576,000 1,800 50,000 6,000 64,000 10,000 190,000 50,000 6,000...
Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle 145,000 23,000 6,500 24,000 110,000 15,000 75,000 50,000 8,000 16,900 3,000 45,000 46,000 67,600 5,000 490,000 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 10,000 45,000 5,000 54,000 12,000 145,000 13,000 4,000...
Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle 145,000 23,000 6,500 24,000 110,000 15,000 75,000 50,000 8,000 16,900 3,000 45,000 46,000 67,600 5,000 490,000 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 10,000 45,000 5,000 54,000 12,000 145,000 13,000 4,000...
Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle 145,000 23,000 6,500 24,000 110,000 15,000 75,000 50,000 8,000 16,900 3,000 45,000 46,000 67,600 5,000 490,000 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 10,000 45,000 5,000 54,000 12,000 145,000 13,000 4,000...
A 12-month insurance policy was purchased on Dec. 1 for $3,600 and the Prepaid insurance account was increased for the payment. 14- Demonstrate the required adjusting journal entry on Dec. 31 by selecting from the choices below Click the answer you think is right. Prepaid insurance would be credited for $3,600. Cash would be credited for $3,600. Insurance expense would be debited for $300. Insurance expense would be debited for $3,600.
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