Answered step by step
Verified Expert Solution
Question
1 Approved Answer
66 boints a. Depreciation on the company's equipment for 2017 is computed to be $12,000. b. The Prepaid Insurance account had a $8,000 debit balance
66 boints a. Depreciation on the company's equipment for 2017 is computed to be $12,000. b. The Prepaid Insurance account had a $8,000 debit balance at December 31, 2017 before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $1,800 of unexpired insurance coverage remains. C. The Office Supplies account had a $390 debit balance on December 31, 2016: and $2.680 of office supplies were purchased during the year. The December 31, 2017, physical count showed $460 of supplies available. d. One-third of the work related to $15,000 of cash received in advance was performed this period. e. The Prepaid Insurance account had a $5.500 debit balance at December 31, 2017, before adjusting for the costs of any expired coverage. An analysis of insurance policies showed that $3.700 of coverage had expired. f. Wage expenses of $4,000 have been incurred but are not paid as of December 31, 2017 cBook Prepare adjusting journal entries for the year ended (date of) December 31, 2017 for each of these separate situations. View transaction list View journal entry worksheet Credit No Transaction Debit 12,000 References General Journal Depreciation expense Equipment Accumulated depreciation Equipment 12.000 6.200 Insurance expense Prepaid insurance 6.200 2610 Supples expense Supplies Uneamed revenue Revenue 3.700 Insurance expense Prepaid insurance 4000 Wages expense Wages payable
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started