Homework Answers
| Date | Account Title | Debit | Credit | ||||||
| Supplies Expenses | 637 | ||||||||
| Supplies | 637 | (245+735-343) | |||||||
| Office Supplies Purchased during the period = Ending Balance of Supplies + Supplies Expenses - Beginning Balance of Supplies | |||||||||
| Interest Expenses | 170 | ||||||||
| Interest Payable | 170 | ||||||||
| Recording of interest | |||||||||
| Wage Expenses | 3,270 | ||||||||
| Wages Payable | 3,270 | ||||||||
| (2750 +(650/5) X 4 days | |||||||||
| Recording of Wages Accrued | |||||||||
| Unearned Fees | 27,600 | ||||||||
| Fees Earned | 27,600 | ||||||||
| (46000 X 60%) | |||||||||
| Recording of revenue earned | |||||||||
| Accounts Receivable | 5,700 | ||||||||
| Fees Earned | 5,700 | ||||||||
| Recording of revenue earned | |||||||||
| Adjusting Entries | |||||||||
| A | Date | Account Title | Debit | Credit | |||||
| Accounts Receivable(1800-1500) | 300 | Accrued Fees | |||||||
| Fees Earned | 300 | ||||||||
| Insurance Expense | 400 | Recording of Insurance expired | |||||||
| Prepaid Insurance(600-200) | 400 | ||||||||
| Supplies Expenses | 800 | Recording of Supplies Expenses) | |||||||
| Supplies(3800-3000) | 800 | ||||||||
| Depreciation Expenses | 5500 | Recording of Depreciation Expenses) | |||||||
| Accumulated Depreciation | 5500 | ||||||||
| (17500-12000) | |||||||||
| Wage Expenses | 900 | Recording of Wages Accrued | |||||||
| Wages Payable | 900 | ||||||||
| Unearned Fees(6700-6500) | 200 | Recording of revenue earned | |||||||
| Fees Earned | 200 | ||||||||
| B | Net Income | 25500 | |||||||
| Less: | |||||||||
| Wages Expenses | (14,900) | ||||||||
| Depreciation Expenses | (5,500) |
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