Question

Preparing Accounting Adjustments For each of the following separate situations, prepare the necessary accounting adjustments using the financial statement effects template. (a) Unrecorded depreciation on equipment is $864. (b) The supplies account has a balance of $4,644. Supplies still available at the end of the period total $1,320. (c) On the date for preparing financial statements, an estimated utilities expense of $516 has been incurred, but no utility bill has yet been received or paid. (d) On the first day of the current period, rent for four periods was paid and recorded as a $3,840 increase to prepaid rent and a $3,840 decrease to cash. (e) Nine months ago, a one-year service policy was sold to a customer and the seller recorded the cash received by crediting unearned revenue for $2,246. No accounting adjustments have been prepared during the nine-month period. The seller is now preparing annual financial statements. (f) At the end of the period, employee wages of $1,158 have been incurred but not paid or recorded. (g) At the end of the period, $360 of interest has been earned but not yet received or recorded. Prepare journal entries for each accounting adjustment. Note: Round your answers to the nearest whole dollar. Credit Debit 864 0 0 864 0 OX 0 0 x 0 516 0 516 0 Account a. Depreciation Expense Accumulated Depreciation To record depreciation for the period b. Supplies Expense ✓ Supplies To record supplies expense for the period c. Utilities Expense Utilities Payable To record accrued utilities expense. d. Rent Expense Prepaid Rent To record rent expense for the month e. Wages Expense • X Wages Payable To record premium revenue earned f. Wages Expense Wages Payable To accrue wages at the end of the period g. Interest Receivable ✓ Interest Income To accrue interest earned but not yet received ох 0 0 x 2,246 x 0 0 2,246 x 0 1,158 0 1,158 0 360 0 360
Only need help with what's incorrect. Thank you!

Answer 1

b	Supplies Expense	3324
	Supplies		3324
d	Rent Expense	960
	Prepaid Rent		960
e	Unearned Revenue	1684.5
	Revenue		1684.5

For transaction d, assuming only period 1 is ending now. If all periods have ended, amount will be 3,840

For retained earnings, balance will be 13,861.9