a)
Step 1 | Determine what the current account balance equals | 460 | Debit |
Step 2 | Determine what the current account should equal | 190 | Debit |
Adjusting entry | |||
Date | Details | Dr.$ | Cr.$ |
31-Dec | Supplies Expense Acc Dr. | 270 | |
Supplies | 270 |
Working notes
Supplies Account | |||||
Date | Details | $ | Date | Details | $ |
Balance b/d | 460 | Supplies Expense | 270 | ||
Balance c/d | 190 | ||||
460 | 460 |
b)
Step 1 | Determine what the current account balance equals | 4100 | Debit | ||
Step 2 | Determine what the current account should equal | 850 | Debit | ||
Adjusting entry | |||||
Date | Details | Dr.$ | Cr.$ | ||
31-Dec | Supplies Expense Acc Dr. | 3250 | |||
Supplies | 3250 | ||||
Working notes | |||||
Supplies Account | |||||
Date | Details | $ | Date | Details | $ |
Balance b/d | 1200 | Supplies Expense | 3250 | ||
Bank | 2900 | ||||
Balance c/d | 850 | ||||
4100 | 4100 |
c)
Step 1 | Determine what the current account balance equals | 15800 | Debit | ||
Step 2 | Determine what the current account should equal | 3140 | Debit | ||
Adjusting entry | |||||
Date | Details | Dr.$ | Cr.$ | ||
31-Dec | Supplies Expense Acc Dr. | 12660 | |||
Supplies | 12660 | ||||
Working notes |
|||||
Supplies Account | |||||
Date | Details | $ | Date | Details | $ |
Balance b/d | 4800 | Supplies Expense | 12660 | ||
Bank | 11000 | ||||
Balance c/d | 3140 | ||||
15800 | 15800 |
For each separate case below, follow the three-step process for adjusting the Supplies asset account at...
For each separate case below, follow the three-step process for adjusting the supplies asset account at December 31 Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2 Assume no other adjusting entries are made during the year The Supplies account has a $580 debit balance to start the year. No supplies were purchased during...
For each separate case below, follow the three-step process for adjusting the Supplies asset account at December 31. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year. a. The Supplies account has a $580 debit balance to start the year. No supplies were purchased...
For each separate case below. follow the three-step process for adjusting the prepaid asset account at December 31 Step t Determine what the current account balance equals. Step 2: Determine what the current account balance should equal Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year Prepaid Insurance. The Prepaid Insurance account has a 55,700 debit balance to start the year. A review...
For each separate case below, follow the three-step process for adjusting the prepaid asset account at December 31 Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2 Assume no other adjusting entries are made during the year Prepaid Insurance. The Prepaid Insurance account has a $5,100 debit balance to start the year. A review...
For each separate case below, follow the three-step process for adjusting the prepaid asset account at Decemb Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year. a. Prepaid Insurance. The Prepaid Insurance account has a $5,100 debit balance to start the year. A review...
For each separate case below, follow the three-step process for adjusting the prepaid asset account at December 31 Step 1: Determine what the current account balance equals. Step 2 Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year. a. Prepaid Insurance. The Prepaid Insurance account has a $4,800 debit balance to start the year. A...
For each separate case below, follow the three-step process for adjusting the prepaid asset account at December 31. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2 Assume no other adjusting entries are made during the year. a. Prepaid Insurance. The Prepaid Insurance account has a $5,700 debit balance to start the year. A...
For each separate case below, follow the three-step process for adjusting the prepaid asset account at December 31 Step 1: Determine what the current account balance equals Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year The account has a $6,100 debit balance to start the year. A review of insurance policies shows...
For each separate case below, follow the three-step process for adjusting the Supplies asset account at December 31. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year.
For each separate case below, follow the three-step process for adjusting the Accumulated Depreciation account at December 31. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year. a. The Krug Company's Accumulated Depreciation account has a $19,500 balance to start the year. A review...