3b

Part b

A partial trial balance of Vaughn Corporation is as follows on December 31, 2021. Dr. Cr. Supplies $2,700 Salaries and wages payable $1,400 Interest Receivable 5.200 Prepaid Insurance 85,600 Unearned Rent 0 Interest Payable 13.500 Additional adjusting data: 1. A physical count of supplies on hand on December 31, 2021, totaled $1,300. 2. Through oversight, the Salaries and Wages Payable account was not changed during 2021. Accrued salaries and wages on hor 21 2021 amounted to $4.000. 3. The Interest Receivable account was also left unchanged during 2021. Accrued interest on investments amounts to $4,300 on December 31, 2021. 4. The unexpired portions of the insurance policies totaled $62,900 as of December 31, 2021. 5. $29,600 was received on January 1, 2021, for the rent of a building for both 2021 and 2022. The entire amount was credited to rent revenue. 6. Depreciation on equipment for the year was erroneously recorded as $4,700 rather than the correct figure of $47,000. 7. A further review of depreciation calculations of prior years revealed that equipment depreciation of $7,400 was not recorded. It was decided that this oversight should be corrected by a prior period adjustment. Assuming that the books have not been closed, what are the adjusting entries necessary at December 31, 2021? (Ignore income tax considerations.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) No. Account Titles and Explanation Debit Credit 1. Supplies Expense 1,400 1,400 Supplies 2,600 2 . 2 Salaries and Wages Expense 2.600 Salaries and Wages Payable 900 3. Interest Revenue 900 Interest Receivable 4. Insurance Expense 22,700 Prepaid Insurance 22,700 5. Rent Revenue 14,800 Unearned Rent Revenue 14,800 6 . Depreciation Expense 42,300 Accumulated Depreciation-Equipment 42,300 7. Retained Earnings 7,400 Accumulated Depreciation Equipment 7,400 Assuming that the books have been closed, what are the adjusting entries necessary at December 31, 2021? (Ignore income tax considerations.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) No. Account Titles and Explanation Debit Credit 1. 2. ho 3. 4. 5. 6. - 7