Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Activity 5.a - Journalizing and Posting Transactions Journalize the adjusting entry needed at December 31 for each situation. Use the Chart of Accounts to review
Activity 5.a - Journalizing and Posting Transactions Journalize the adjusting entry needed at December 31 for each situation. Use the Chart of Accounts to review account names! Used prepaid insurance of $3,400 Date Accounts and Explanation Debit Credit Dec. 31 Used office supplies of $3,800 Date Accounts and Explanation Debit Credit Depreciation for the current year includes Equipment, $400. Date Accounts and Explanation Debit Credit Account Title Account Number 101 105 110 112 115 120 125 130 140 145 146 150 Cash Accounts Receivable Interest Receivable Notes Receivable Office Supplies Prepaid Insurance Prepaid Rent Short-term Investments Long-term Investments Building Accumulated Depreciation - Building Equipment Accumulated Depreciation - Equipment Furniture Accumulated Depreciation - Furniture Office Furniture Accumulated Depreciation - Office Furniture Truck Accumulated Depreciation - Truck Land Copyright Franchise 151 155 |156 160 161 165 166 170 175 178 180 Patent 182 201 205 210 215 220 225 235 250 255 260 301 315 320 325 Trademark Accounts Payable Rent Payable Salaries Payable Utilities Payable Interest Payable Dividends Payable Unearned Revenue Notes Payable Mortgages Payable Premium on Bonds Payable Common Stock Retained Earnings Dividends Income Summary Service Revenue Dividend Revenue Interest Revenue Advertising Expense Delivery Expense Depreciation Expense Insurance Expense Interest Expense Repairs and Maintenance Expense Rent Expense Salaries Expense Supplies Expense Utilities Expense 410 420 430 505 510 515 520 525 535 540 545 550 555
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