Question

Adjusting Entries For each of the following unrelated situations, prepare the necessary adjusting entry in general journal form: a. Unrecorded depreciation on equipment is $3,300. b. The Supplies account has a balance of $5,400. Supplies on hand at the end of the period totaled $3,400. c. On the date for preparing financial statements, an estimated utilities expense of $2,800 has been incurred, but no utility bill has been received. Use the Utilities Payable account. d. On the first day of the current month, rent for four months was paid and recorded as a $5,200 debit to Prepaid Rent and a $5,200 credit to Cash. Monthly statements are now being prepared. e. Nine months ago, Macke Insurance Company sold a one-year policy to a customer and recorded the receipt of the premium by debiting Cash for $3,024 and crediting Unearned Premium Revenue $3,024. No adjusting entries have been prepared during the nine-month period. Annual financial statements are now being prepared. f. At the end of the accounting period, employee wages of $3,000 have been incurred but not paid. g. At the end of the accounting period, $2,900 of interest has been earned but not yet received on notes receivable that are held.

Answer 1

Journal entries
date	explanation	debit	credit
1-	depreciation expense	3300
	accumulated depreciation		3300
2-	supplies expense	2000
	supplies		2000
3-	utility expense	2800
	utitlity payable		2800
4-	rent expense	1300
	prepaid rent		1300
5-	unearned premium revenue	2268
	revenue from premium		2268
6-	wages expense	3000
	wages payable		3000
7-	interest receivable	2900
	interest income		2900