Question

Amez Companys annual accounting period ends on December 31, 2017. The following information concerns the adjusting entries t


Required 1 Required 2 Use the information to prepare adjusting entries as of December 31, 2017. View transaction list View jo
0 0
Add a comment Improve this question Transcribed image text
Answer #1

Answer :-

Transaction General Journal Debit Credit
a. Office supplies expense $14,846 =$4,000+$13,400-$2,554
Office supplies $14,846
b. Insurance expense $7,120
Prepaid insurance $7,120
c. Salaries expense $3,920 = $1,960 * 2
Salaries payable $3,920
d. Depreciation expense—Building $30,500
Accumulated depreciation—Building $30,500
e. Rent receivable $3,000
Rent earned $3,000
f. Unearned rent $5,600 =$2,800 *2
Rent earned $5,600
Date General Journal Debit Credit
6-Jan Salaries payable $3,920
Salaries expense $5,880 = $1,960 *3
Cash $9,800
15-Jan Cash $6,000
Rent receivable $3,000
Rent earned $3,000
Insurance expense workings:
April 1, 2015 $1,800 =$14,400 /24*3
April 1, 2016 $4,320 =$12,960/36*12
August 1, 2017 $1,000 =2,400/12*5
Total $7,120


Add a comment
Know the answer?
Add Answer to:
Amez Company's annual accounting period ends on December 31, 2017. The following information concerns the adjusting...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Arnez Company’s annual accounting period ends on December 31, 2017. The following information concerns the adjusting ent...

    Arnez Company’s annual accounting period ends on December 31, 2017. The following information concerns the adjusting entries to be recorded as of that date. The Office Supplies account started the year with a $2,975 balance. During 2017, the company purchased supplies for $12,287, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2017, totaled $2,618. An analysis of the company's insurance policies provided the following facts. Policy Date of Purchase Months of Coverage...

  • Arnez Company's annual accounting period ends on December 31, 2017. The following information concerns the adjusting...

    Arnez Company's annual accounting period ends on December 31, 2017. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $3,675 balance. During 2017, the company purchased supplies for $15,178, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2017 totaled $3,234 b. An analysis of the company's insurance policies provided the following facts. Policy A B C Date...

  • Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting...

    Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $3.950 balance. During 2019, the company purchased supplies for $16,314, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $3,476. b. An analysis of the company's insurance policies provided the following facts. Policy Months of Coverage Date...

  • Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting...

    Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $3,200 balance. During 2019, the company purchased supplies for $13,216, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $2,816. b. An analysis of the company's insurance policies provided the following facts. Policy A Months of Coverage...

  • Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting...

    Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $4,475 balance. During 2019, the company purchased supplies for $18,482, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $3,938. b. An analysis of the company's insurance policies provided the following Policy Months of Coverage Date of...

  • Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting...

    Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $4.475 balance. During 2019, the company purchased supplies for $18,482, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $3,938. b. An analysis of the company's insurance policies provided the following facts. Policy Months of Coverage Date...

  • Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting...

    Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $4,500 balance. During 2019, the company purchased supplies for $18,585, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $3,960. b. An analysis of the company's insurance policies provided the following facts. Policy A B Date of...

  • Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting...

    Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $3,850 balance. During 2019, the company purchased supplies for $15,901, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $3,388 b. An analysis of the company's insurance policies provided the following facts. Policy Months of Coverage Date...

  • Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting...

    Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $2,675 balance. During 2019, the company purchased supplies for $11,048, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $2,354 b. An analysis of the company's insurance policies provided the following facts. Policy Date of Purchase April...

  • Arnez Company’s annual accounting period ends on December 31, 2018. The following information concerns the adjusting...

    Arnez Company’s annual accounting period ends on December 31, 2018. The following information concerns the adjusting entries to be recorded as of that date. The Office Supplies account started the year with a $3,625 balance. During 2018, the company purchased supplies for $14,971, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2018, totaled $3,190. An analysis of the company's insurance policies provided the following facts. Policy Date of Purchase Months of Coverage...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT