Prepare general journal entries to record these transactions.
3) Prepare general journal entries on December 31 to record the
following unrelated year-end adjustments.
a. Estimated depreciation on equipment for the year, $4,500.
b. The Prepaid Insurance account has a $3,680 debit balance before
adjustment. An examination of insurance policies shows $600 of
insurance expired.
c. The Prepaid Insurance account has a $2,400 debit balance before
adjustment. An examination of insurance policies shows $950 of
unexpired insurance.
d. The company has three office employees who each earn $100 per
day for a five-day workweek that ends on Friday. The employees were
paid on Friday, December 26, and have worked full days on Monday,
Tuesday, and Wednesday, December 29, 30, and 31.
e. On November 1, the company received 6 months' rent in advance
from a tenant whose rent is $700 per month. The $4,200 was credited
to the Unearned Rent account.
f. The company collects rent monthly from its tenants. One tenant
whose rent is $1,000 per month has not paid his rent for
December.
a) | Depreciation A/c | $ 4,500.00 | ||||
To Accumulated Depreciation A/c | $ 4,500.00 | |||||
b) | Insurance Expense A/c | $ 600.00 | ||||
To Prepaid Insurance A/c | $ 600.00 | |||||
c) | Insurance Expense A/c | $ 1,450.00 | ||||
To Prepaid Insurance A/c | $ 1,450.00 | |||||
d) | Salary Expense A/c | $ 900.00 | ||||
To Outstanding Salaries A/c | $ 900.00 | |||||
e) | Cash A/c | $ 4,200.00 | ||||
To Unearned Rent A/c | $ 4,200.00 | |||||
f) | Rent Receivable A/c | $ 1,000.00 | ||||
To Rental Income A/c | $ 1,000.00 |
Prepare general journal entries to record these transactions. 3) Prepare general journal entries on December 31 to recor...
16. Prepare general journal entries on December 31 to record the following unrelated year-end adjustments. a. Estimated depreciation on office equipment for the year, S4,000. b. The Prepaid Insurance account has a $3,680 debit balance before adjustment. An examination of insurance policies shows $950 of insurance expired. c. The Prepaid Insurance account has a $2,400 debit balance before adjustment. An examination of insurance policies shows $600 of unexpired insurance. d. The company has three office employees who each earn $100...
Exercise 1 (5 points) Prepare general journal entries on December 31 to record the following unrelated year-end adjustments. a. Estimated depreciation on office equipment for the year, KD 5,000. b. The Prepaid Insurance account has a KD 4,680 debit balance before adjustment. An examination of insurance policies shows KD 950 of insurance expired (used). C. The Prepaid Insurance account has a KD 3.400 debit balance before adjustment. An examination of insurance policies shows KD 800 of unexpired insurance. d. The...
Prepare general journal entries on December 31 to record the following unrelated year-end adjustments. a. Estimated depreciation on office equipment for the year, SAR 2,000 b. The Prepaid Insurance account has a SAR 2,500 debit balance before adjustment. An examination of insurance policies shows SAR 350 of insurance expired c. The Prepaid Insurance account has a SAR 1,400 debit balance before adjustment. An examination of insurance policies shows SAR 400 of unexpired insurance d. The company has three office employees...
10) Prepare general journal entries on December 31 to record the following unrelated year-end adjustments (18 points). a. Estimated depreciation on equipment for the year, $4,500. b. The Prepaid Insurance account has a $3,680 debit balance before adjustment. An examination of insurance polides shows $600 of insurance expired. The Prepaid Insurance account has a $2,400 debit balance before adjustment. An examination of insurance policies shows $950 of unexpired insurance. d. The company has three office employees who each earn $100...
Arnez Company's annual accounting period ends on December 31. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $3,175 balance. During the year, the company purchased supplies for $13,113, which was added to the Office Supplies account. The inventory of supplies available at December 31 totaled $2,794. b. The Prepaid Insurance account had a $30,984 debit balance at December 31 before adjusting for the costs...
3) Record the December 31 adjusting entries for the following transactions and events in general journal form. Assume that December 31 is the end of the annual accounting period a. The Prepaid Insurance account shows a debit balance of $2,340, representing the cost of a two-year fire insurance policy that was purchased on October 1 of the current year and has not been adjusted to date. Entry # Account Titles & explanationas Debits Credits 0 b. The Store Supplies account...
Problem 3-2A Preparing adjusting and subsequent journal entries LO C1, A1, P1 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 $4,375 balance. During 2017, the company purchased supplies for $18,069, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2017, totaled $3,850. b. An analysis of the...
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...
Prepare journal entries for the year ended (date of) December 31.a. Depreciation on the company's equipment for the year is computed to be $ 16,000.b. The Prepaid Insurance account had a $ 9,000 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $ 610 of unexpired insurance coverage remains.C. The Office Supplies account had a $ 400 debit balance at the beginning of the year; and...
Prepare adjusting journal entries, as needed, for the following items. (If no entry is required for a transaction/event, select "No Journal entry required" In the first account field.) a. The Supplies account shows a balance of $560, but a count of supplies reveals only $230 on hand at year-end. b. The company Initially records the payments of all Insurance premlums as prepald Insurance. The unadjusted trial balance at year- end shows a balance of $590 In Prepaid Insurance. A review...