Homework Answers
Adjusting Entries- The entries made at the end of an accounting period to ensure that company follows the revenue recognition and expense recognition principles.
| Entry | Account | Debit | Credit |
| 1 | Supplies Expense | $ 1,800 | |
| Supplies | $ 1,800 | ||
| (To records the adjusting entry for supplies used) [$3,200-$1,400]=$1,800 | |||
| 2 | Insurance Expense | $ 300 | |
| Prepaid Insurance | $ 300 | ||
| (To records the adjusting entry for insurance used) [$3,600/12 *1month]=$300 | |||
| 3 | Depreciation Expense | $ 275 | |
| Accumulated Deprecation-Equipment | $ 275 | ||
| (To records the adjusting entry for monthly depreciation) [$3,300/12 *1month]=$275 | |||
| 4 | Unearned Sales Revenue | $ 500 | |
| Sales Revenue | $ 500 | ||
| (To record service revenue recognized) [$1,200 - 700] = $500. |
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