Question

says my ans are incomplete. maybe im inserting numbers in weong place?

2 At December 31, the unadjusted trial balance of H&R Tacks reports Equipment of $32,000 and zero balances in Accumulated Depreciation and Depreciation Expense. Depreciation for the period is estimated to be $6,400. Required: 1. Prepare the adjusting journal entry on December 31 2. Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance 10 points eBook Pint Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance Accumulated Depreciation Equipment Depreciation Expense Beg Bal Beg Bal 6.400 6.400 End. Bal 6400 End Bal 6.400 < Required 1

Answer 1

Answer :-

2)

1)

Adjusting journal entry

Date	Account title	Debit	Credit
Dec.31	Depreciation expense	$6,400
	Accumulated depreciation		$6,400

2)

DEPRECIATION EXPENSE ACCOUNT

Dr	$	Cr	$
Accumulated depreciation	6,400	income statement	6,400

ACCUMULATED DEPRECIATION -EQUIPMENT ACCOUNT

Dr	$	Cr	$
Balance c/d	6,400	Depreciation expense	6,400

3)

1)

Date	Account title and explanation	Debit	Credit
Dec.31	Supplies Expenses ($10,000 - $8,200)	$1,800
	Supplies		$1,800
	( To record the supplies expenses)

2)

--Supplies expense = Supplies used or consumed = $10,000 unadjusted balance - $ 8,200 actual supplies in hand = $ 1,800

Supplies
Beg Bal	$10,000	$1,800	31 Dec Adjustement: Supplies expemse
End Bal	$8,200
Supplies Expense
Beg Bal	$0
31 Dec Adjustment: Supplies	$1,800
End Bal	$1,800

4)

1. Adjusting entry :

Date	accounts & explanation	debit	credit
Dec 31	Unearned revenue ($5,500/2)	$2,750
	Service revenue		$2,750
	(To record unearned revenue adjusted)

2. T-Account :

Unearned Revenue		Service Revenue
Unadj. Bal	$5,500	Service Revenue	$2,750		Unadj. Bal.	$34,300	Unearned revenue	$2,750
End Bal.	$2,750				End. Bal	$37,050