Question

Window Help х x х 10501118 10501112 10501122 10501125 work and X Locked /co Adjusting Entries Written Homework.docx Regular 12 10 Helvetica lo . 12 Adjusting Entries Written Homework Journalize the necessary adjusting entry for each of the following independent situations: apl The supplies account balance on September 1, 2020 is $3.975. The supplies on hand on September 30th are $1,050. On January 1, 2020 the company paid $3,600 for an annual (12 month) food insurance policy covering their headquarter building. Assume the company has a monthly accounting period, prepare the adjusting entry needed at the end of January hat Assume the company has a quarterly accounting period (report once every 3 months). Prepare the entry needed at the end of the first quarter. A business pays its employees $1 500 per day and payday is each Friday. Prepare the adjusting entry needed if the end of the accounting period falls on Monday. Prepare the adjusting entry needed if the end of the accounting period falls on Thursday. . . . ial . On October 1, a tenant pays their landlord $2,500 for five moths rent. Prepare the entry needed on October 1" to record this transaction Prepare the adjusting entry needed on October 31 Prepare the entry needed on October 1st if you are the Landlord TUESDAY session students: This is due no later than 11:59 pm on S THURSDAY session students: This is due no later than 11:59 pm on Chapter 3 Powerpoint Attached Files nobles_finmgr6_ppt_03.pptx A (2.616 MB)

Answer 1

Debit Credit 2,925 2,925 Credit Debit 300 300 38 1) 39 Date Account Title & Explanation 40 30-Sep Supplies expense (3975 - 1050) 41 Supplies 42 (To record supplies consumed during the Year) 43 44 2 a) 45 Date Account Title & Explanation 46 31-Jan Insurance expense (3600/12*1) 47 Prepaid insurance 48 (To record expired insurance) 49 50 2b) 51 31-Mar Insurance expense (3600/12*3) 52 Prepaid insurance 53 (To record expired insurance) 54 55 3a) 56 Date Account Title & Explanation 57 Salaries & Wages Expense (1500 *3) 58 Salaries & Wages Payable 59 (To record accrued salaries & wages) 900 900 Credit Debit 4,500 4,500

9,000 9,000 Debit Credit 2500 2500 61 3b) Salaries & Wages Expense (1500 *6) 62 Salaries & Wages Payable 63 (To record accrued salaries & wages) 64 65 4a) 66 Date Account Title & Explanation 67 01-Oct Prepaid Rent 68 Cash 69 (To record rent paid in advance) 70 4b) 71 31-Oct Rent expense (2500/5*1) 72 Prepaid Rent 73 (To record expired rent) 74 75 4c) 76 01-Oct Cash 77 Unearned Rent Revenue 78 (To record rent received in advance) 79 500 500 2500 2500