Question

Seved Help 1 a. Depreciation on the company's equipment for the year is computed to be $13,000 b. The Prepaid Insurance account had a $8,000 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $1,200 of unexpired insurance coverage remains. c. The Office Supplies account had a $280 debit balance at the beginning of December, and $2,680 of office supplies were purchased in December . The December 31 physical count showed $330 of supplies available. d. Two-thirds of the work related to $12,000 of cash received in advance was performed this period. e. The Prepaid Rent account had a $5,400 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of rental policies showed that $4,200 of rental coverage had expired. f. Wage expenses of $5,000 have been incurred but are not paid as of December 31. 57:54 Prepare adjusting journal entries for the year ended (date of) December 31 for each of these separate situations. View transaction list Journal entry worksheet 1 6 > Depreciation on the company's equipment for the year is computed to be $13,000 Note: Enter debits before credits Transaction Credit General Journal Depreciation expense-Equipment Accumulated depreciation Equipment Debit 13,000 a. 13,000 < Prey 18 of 18 Next

Answer 1

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Naming convention is not available, can be slightly different: Solution: Trans. Credit Debit| $ 13,000 a. $ 13,000 b. $ 6,800 $ 6,800 c) $ 2,630 $ 2,630 Journal entries Account title and explaination Depreciation Expense - Equipment Accumulated Depreciation - Equipment (To record the depreciation) Insurance Expense (8000-1200) Prepaid Insurance (To amortize the prepaid insurance) Supplies Expense (280+2680-330) Supplies (To record the supplies expense) Deferred (or Unearned) Revenue (12000/3*2) Service (or Sales) Revenue (To record the deferred revenue) Rent Expense Prepaid Rent (To record the rent expense) Wages Expense Wages Payable (To record the accrual of wages) d) $ 8,000 $ 8,000 e) $ $ 4,200 $ 4,200 f) $ $ 5,000 $ 5,000