Question

A partial trial balance of Windsor Corporation is as follows on December 31, 2021. Dr. Cr. $2,500 $1,300 Supplies Salaries and wages payable Interest Receivable Prepaid Insurance Unearned Rent Interest Payable 5,500 85.800 0 13,700 Additional adjusting data: 1. 2. 3. 4. A physical count of supplies on hand on December 31, 2021, totaled $1,200. Through oversight, the Salaries and Wages Payable account was not changed during 2021. Accrued salaries and wages on December 31, 2021, amounted to $4,100. The rest Receivable account was also left unchanged during 2021. Accrued interest on investments amounts to $4,200 on December 31, 2021. The unexpired portions of the insurance policies totaled $71,300 as of December 31, 2021. $30,700 was received on January 1, 2021, for the rent of a building for both 2021 and 2022. The entire amount was credited to rent revenue. Depreciation on equipment for the year was erroneously recorded as $5,200 rather than the correct figure of $52,000. A further review of depreciation calculations of prior years revealed that equipment depreciation of $7,100 was not recorded. It was decided that this oversight should be corrected by a prior period adjustment. 5. 6. 7. Assuming that the books have not been closed, what are the adjusting entries necessary at December 31, 2021? (Ignore income tax considerations.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is

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Answer 1

1.Assuming that the books have not been closed, what are the adjusting entries necessary at December 31,

Event	Account Titles and Explanation	Debit $	Credit $
1	Supplies Expense (2,500 - 1,200)	$1,300
	Supplies on Hand/Supplies	`	$1,300
2	Salaries and Wages Expense (4,100 - 1,300)	$2,800
	Accrued Salaries and Wages/Salaries and Wages Payable		$2,800
3	Interest Revenue (5,500 - 4,200)	$1,300
	Interest Receivable on Investments		$1,300
4	Insurance Expense (85,800 - 71,300)	$14,500
	Prepaid Insurance		$14,500
5	Rental Income/Rent Revenue (30,700/2)	15,350
	Unearned Rent		15,350
6	Depreciation Expense (52,000-5,200)	$46,800
	Accumulated Depreciation		$46,800
7	Retained Earnings	$7,100
	Accumulated Depreciation		$7,100

2

Assuming that the books have been closed, what are the adjusting entries necessary at December 31,

Event	Account Titles and Explanation	Debit $	Credit $
1	Retained Earnings	$1,300
	Supplies on Hand/Supplies	`	$1,300
2	Retained Earnings	$2,800
	Accrued Salaries and Wages/Salaries and Wages Payable		$2,800
3	Retained Earnings	$1,300
	Interest Receivable on Investments		$1,300
4	Retained Earnings	$14,500
	Prepaid Insurance		$14,500
5	Retained Earnings	15,350
	Unearned Rent		15,350
6	Retained Earnings	$46,800
	Accumulated Depreciation		$46,800
7	Retained Earnings	$7,100
	Accumulated Depreciation		$7,100

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