Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

a. Depreciation on the company's wind turbine equipment for the year is $5,100. b. The Prepaid Insurance account for the solar panels had a

 View transaction list Journal entry worksheet ( 3 4 5 Prepaid Insurance account for the solar panels had a $2,100 debit balanView transaction list Journal entry worksheet < 1 2 4 5 The company received $3,300 cash in advance for sustainability consulView transaction list Journal entry worksheet < 1 2 3 As of December 31, $1,300 in wages expense for the organic produce workView transaction list Journal entry worksheet < 1 2 3 4 As of December 31, the company has earned, but not yet recorded, $410
 
 
 
 
 

a. Depreciation on the company's wind turbine equipment for the year is $5,100. b. The Prepaid Insurance account for the solar panels had a $2,100 debit balance at December 31 before adjusting for the costs of any expired coverage. Analysis of prepaid insurance shows that $650 of unexpired insurance coverage remains at year-end. c. The company received $3,300 cash in advance for sustainability consulting work. As of December 31, one-third of the sustainability consulting work had been performed. d. As of December 31, $1,300 in wages expense for the organic produce workers has been incurred but not yet paid. e. As of December 31, the company has earned, but not yet recorded, $410 of interest revenue from investments in socially responsible bonds. The interest revenue is expected to be received on January 12. For each of the above separate cases, prepare the required December 31 year-end adjusting entries. View transaction list Journal entry worksheet 1 2 3 4 5 > Depreciation on the company's wind turbine equipment for the year is $5,100. Note: Enter debits before credits. Transaction General Journal Debit Credit a. View transaction list Journal entry worksheet 2 4 5 1 3 Prepaid Insurance account for the solar panels had a $2,100 debit balance at December 31 before adjusting for the costs of any expired coverage. Analysis of prepaid insurance shows that $650 of unexpired insurance coverage remains at year-end. Note: Enter debits before credits. Transaction General Journal Credit Debit b. Record entry Clear entry View general journal Prev 1 of 5 Next > View transaction list Journal entry worksheet < 1 2 > 3 4 5 The company received $3,300 cash in advance for sustainability consulting work. As of December 31, one-third of the sustainability consulting work had been performed. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal < Prev 1 of 5 Next > View transaction list Journal entry worksheet < 1 2 3 > 5 As of December 31, $1,300 in wages expense for the organic produce workers has been incurred but not yet paid. Note: Enter debits before credits. Transaction General Journal Debit Credit d. Record entry Clear entry View general journal View transaction list Journal entry worksheet < 1 2 3 4 As of December 31, the company has earned, but not yet recorded, $410 of interest revenue from investments in socially responsible bonds. The interest revenue is expected to be received on January 12. Note: Enter debits before credits. Transaction General Journal Debit Credit e. Record entry Clear entry View general journal

Step by Step Solution

3.30 Rating (150 Votes )

There are 3 Steps involved in it

Step: 1

Transaction General Journal Debit Credit a Depreciation expense 5100 Accumulated depreciationequip... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial and managerial accounting

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

1st edition

111800423X, 9781118233443, 1118016114, 9781118004234, 1118233441, 978-1118016114

More Books

Students also viewed these Accounting questions

Question

Case : Karl and June Monroe

Answered: 1 week ago

Question

Please help me evaluate this integral. 8 2 2 v - v

Answered: 1 week ago

Question

9. Who would drink more pure watersomeone wit

Answered: 1 week ago