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 55,300. b. The Prepaid Insurance account for the solar panels had a $2.300

image text in transcribed
a. Depreciation on the company's wind turbine equipment for the year is 55,300. b. The Prepaid Insurance account for the solar panels had a $2.300 debit balance at December 31 before adjusting for the costs of any expired coverage. Analysis of prepaid insurance shows that $750 of unexpired insurance coverage remains at year-end c. The company received $3,900 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, $1500 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, $430 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. NO Transaction 1 a General Journal Depreciation expense-Equipment Acourulated depreciation Equipment Debit 5.300 Credit 5300 2. D Insurance expense Prepaid insurance 2,300 2.300 3 c Uncamed revenue Consulting revenue 3.000 3.000 4 Wages expense Wages payable 1.500 1500 5 Interest receivable Interest revenue 40 o

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Management Accounting

Authors: Greg Shields

1st Edition

1647484286, 978-1647484286

More Books

Students also viewed these Accounting questions

Question

plan how to achieve impact in practice from your research;

Answered: 1 week ago