a. Wages of $8,000 are earned by workers but not paid as of December 31. b. Depreciation on the company's equipment for the year is $10,480. c. The Office Supplies account had a $330 debit balance at the beginning of the year. During the year, $4,831 of office supplies are purchased. A physical count of supplies at December 31 shows $533 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 $3,300 of unexpired insurance benefits remain at December 31. e. The company has earned (but not recorded) $850 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 $3,500 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 (date of) December 31. View transaction list Journal entry worksheet Wages of $8,000 are earned by workers but not paid as of December 31. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Journal entry worksheet 1 N 3 3 4 5 6 Depreciation on the company's equipment for the year is $10,480. Note: Enter debits before credits. General Journal Debit Credit Transaction b. Journal entry worksheet 1 2 3 4 5 6 > The Office Supplies account had a $330 debit balance at the beginning of the year. During the year, $4,831 of office supplies are purchased. A physical count of supplies at December 31 shows $533 of supplies available. Note: Enter debits before credits. Transaction General Journal Debit Credit C. Journal entry worksheet N The Office Supplies account had a $330 debit balance at the beginning of the year. During the year, $4,831 of office supplies are purchased. A physical count of supplies at December 31 shows $533 of supplies available. Note: Enter debits before credits. Transaction General Journal Debit Credit C. Journal entry worksheet The company has earned (but not recorded) $850 of interest revenue for the year ended December 31. The interest payment will be received 10 days after the year-end on January 10. Note: Enter debits before credits. Transaction General Journal Debit Credit e. Journal entry worksheet The company has a bank loan and has incurred (but not recorded) interest expense of $3,500 for the year ended December 31. The company will pay the interest five days after the year-end on January 5. Note: Enter debits before credits. General Journal Debit Credit Transaction f. Required information [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 265 units @ $12.60 = $ 3,339 225 units @ $42.60 430 units @ $17.60 7,568 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar.15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 370 units @ $42.60 465 units @ $22.60 = 10,509 440 units @ $42.60 165 units @ $27.60 1,325 units 4,554 $25,970 1,035 units Required: Hemming uses a perpetual inventory system. . Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. B. Compute the gross for FIFO method and LIFO method. Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased # of units unit Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance Cost per Inventory # of units unit Balance 265 @ $ 12.60 = $ 3,339.00 January 1 erpetual FIFO: Goods Purchased Cost of Goods Sold # of Cost per # of units Cost per Cost of Goods units sold unit Sold Date unit Inventory Balance Cost per # of units Inventory unit Balance 265 @ $ 12.60 = $ 3,339.00 anuary 1 anuary 10 March 14 larch 15 Lily 30 ctober 5 ctober 26 otals Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold # of Cost per # of units Cost per Cost of Goods units unit sold unit Sold Inventory Balance Cost per Inventory # of units unit Balance 265 @ $ 12.60 = $ 3,339.00 Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Totals Decod Decod 2 Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Compute the gross margin for FIFO method and LIFO method. FIFO: LIFO: Sales revenue Less: Cost of goods sold Gross margin
