Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Adams Company Unadjusted Trial Balance December 31, 2018 126,000 23,000 9,500 24,000 110,000 15,000 75,000 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Adams Company Unadjusted Trial Balance December 31, 2018 126,000 23,000 9,500 24,000 110,000 15,000 75,000 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Svansa 40,000 8,000 17,900 12,500 45,000 46,000 67,600 5,000 474,500 10,000 47,000 5,000 54,000 2.AAAA 5,000 474,500 Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 10,000 47,000 5,000 54,000 10,000 145,000 13,000 4,000 36,000 711,500 711,500 The prepaid insurance balance reflects a 12-month insurance policy which started on Sept. 1, 2018, and no adjustments were made from Sept. 1 - Dec 31, 2018. Write the adjusting journal entry for Dec. 31, 2018. In Blank (1) enter the account to be debited. In Blank (2) enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited. Dr. [1] [2]$ Cr. [3] [4]$ AM 4 The prepaid insurance balance reflects a 12-month insurance policy which started or Sept. 1. 2018, and no adjustments were made from Sept. 1 - Dec. 31, 2018. Write the adjusting journal entry for Dec 31, 2018. In Blank [1] enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited. Dr. [1] [2]$ Cr. [3] [4]$ A Additional depreciation expense of $15,000 needs to be recorded for the year ended 2018. In Blank [1] enter the account to be debited. In Blank (2) enter the amount to be debited. In Blank (3) enter the account to be credited. In Blank [4] enter the amount to be credited. Dr. [1] [2]$ Cr. [3] [4]$ AM A/ AM Wages due to employees of $8,000 need to be recorded at year end. These wages will be paid to employees on January 9, 2019 (next month). In Blank [1] enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited. Nr. 111 [2$ Wages due to employees of $8,000 need to be recorded at year end. These wages will be paid to employees on January 9, 2019 (next month). In Blank [1] enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited. Dr. (1) [2]$ Cr. [3] [4]$_ A/ A The company has completed $12,90p of the amount in unearned revenue as of Dec. 31st. In Blank [2] enter the amount to be debited. In Blank [1] enter the account to be debited. In Blank (3) enter the account to be credited. In Blank [4] enter the amount to be credited. Dr. [1] [2]$_ Cr. (3). [4]$ A/ A 4 In December the company provided services worth $8,000 to clients that were not yet billed or recorded by Dec. 31. Record the additional revenue. In Blank [1] enter the account to be debited. In Blank (2) enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited. Dr. [1] [2]$__ Cr. [3] [4]$ In December the company provided services worth $8,000 to clients that were not yet billed or recorded by Dec. 31. Record the additional revenue. In Blank [1] enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited. Dr. [1] [2]$ Cr. [3] [4]$._ AJ A A A/ On Dec 31st the company completed a physical count of their supplies and determined that only $4,000 of supplies are still on hand. In Blank (1) enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited. Dr. [1] Cr. [3] [4]$ [2]$ A/ A A What is the ending balance in the Prepaid Insurance account? What is the ending balance in the Service Revenue account? What is the total amount of credits in the Adjusted Trial Balance? A hp

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

Accounting And Finance For Your Small Business

Authors: Eric James Burton, Steven M Bragg

1st Edition

9780471323600

More Books

Students also viewed these Accounting questions

Question

List the four parts of the self-motivation model.

Answered: 1 week ago

Question

Identify the four parts of the model for writing objectives.

Answered: 1 week ago