Question

AaBbCcD AaBbCcD AaBbC AaBbCcD AaB AaBbCcC AaBbCcD AaBb CcD Aa85 1 Normal 1No Spac.. Heading1 Heading 2 Title Subtitle Subtle Em... Emphasis Intens Styles Complete the following problems on an excel spreadsheet BC company has the following beginning balances listed on its trial balance at the end of May 20x. 1. Accumulated depreciation $12,500 2. Prepaid insurance $0 3. Unearned revenue $2500 The accountant calculated the following transactions as part of the adjusting process: 1. Accumulated depreciation shou ld contain a balance of $15,000 after adjustment. 2. JBC prepaid its 12-month liability insurance on May 1 in the amount of $18,000. 3. JBC's largest customer sent JBC a check for $84,000 as a down payment on services to be rendered over the next few months. The check was received on May 31", and as of May 31, 2019 JBC has done no work on the project

Answer 1

BC Company Journal Enteries Debit in $ Credit in $ Trans. Particulars Depreciation Expense a/c 2500 1 Dr. To Accumulated Depreciation 2500 (To record depreciation) Insurance Expense a/c To Prepaid Insurance (Insurance expensed) 18000/ 12 2 Dr. 1500 1500 Cash a/c Dr. 84000 To Unearned Revenue 84000 (Advance from client)