Answered step by step
Verified Expert Solution
Question
1 Approved Answer
a. Wages of $10,000 are earned by workers but not paid as of December 31. b. Depreciation on the company's equipment for the year is
a. Wages of $10,000 are earned by workers but not paid as of December 31. b. Depreciation on the company's equipment for the year is $11,440. c. The Supplies account had a $340 debit balance at the beginning of the year. During the year, $6,089 of supplies are purchased. A physical count of supplies at December 31 shows $659 of supplies available. d. The Prepaid Insurance account had a $5,000 balance at the beginning of the year. An analysis of insurance policies shows that $2,600 of unexpired insurance benefits remain at December 31. e. The company has earned (but not recorded) $650 of interest revenue for the year ended December 31. The interest payment will be received 10 days after the year-end on January 10 f. The company has a bank loan and has incurred (but not recorded) interest expense of $5,000 for the year ended December 31. The company will pay the interest five days after the year-end on January 5. For each of the above separate cases, prepare adjusting entries required of financial statements for the year ended December 31. View transaction list Journal entry worksheet 1 2 Transaction a 3 Note: Enter debits before credits. 4 Wages of $10,000 are earned by workers but not paid as of December 31. 5 6 General Journal A Debit Credit Prev 1 of 6 www Next >
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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