All of the transactions of Harding Trading Co. for the year have been journalized and posted. The following information has been gathered for the adjustment process as of December 31, 2018:
All of the transactions of Harding Trading Co. for the year have been journalized and posted. The following information has been gathered for the adjustment process as of December 31, 2018: A. The Supplies account shows a balance of $950. A count of supplies revealed $330 on hand. B. The $1,500 premium relating to a one-year insurance policy was paid on December 1, 2018. C. The company's equipment, which was purchased last year, depreciates at a rate of $800 per year. D.On September 30, 2018, a customer paid $9,700 in advance for services; as of December 31, 2018, services in the amount of $2,910 had been performed for this customer. E. Employees are paid $2,000 on Fridays for the 5-day workweek, which ends on that Friday. However, December 31, 2018 falls on a Thursday F. The company has completed $500 of work for customers; the customers have not yet been billed and the related revenue has not been recorded. Required: a. Prepare the required adjusting entries required at December 31, 2018. b. For each of the adjusting items, indicate the amount and the direction of effects of the adjusting journal entry on the elements of the balance sheet and income statement. Complete the following table by entering the amount and the direction (+ for increase, - for decrease) or leave blank for no effect. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the required adjusting entries required at December 31, 2018. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 3 1 4 5 Record adjusting entry given that the supplies account shows a balance of $950. A count of supplies revealed $330 on hand at December 31, 2018. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal Required A Required B > Complete this question by entering your answers in the tabs below. Required A Required B Prepare the required adjusting entries required at December 31, 2018. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Complete this question by entering your answers in the tabs below. Required A Required B Prepare the required adjusting entries required at December 31, 2018. (If no entry is required for a transaction/event, select Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record adjusting entry given that office equipment depreciates at a rate of $800 per year. The equipment has been owned all year. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general Journal Required A Required B > Complete this question by entering your answers in the tabs below. Required A Required B Prepare the required adjusting entries required at December 31, 2018. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Complete this question by entering your answers in the tabs below. Required A Required B Prepare the required adjusting entries required at December 31, 2018. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 5 6 Record adjusting entry given that employees earn $2,000 for a 5-day work week. December 31, 2018 falls on a Thursday. Note: Enter debits before credits. General Journal Debit Credit Transaction E Record entry Clear entry View general Journal Required A Required B > Complete this question by entering your answers in the tabs below. Required A Required B Prepare the required adjusting entries required at December 31, 2018. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record adjusting entry given that Starfish has completed $500 of work for which it has neither received cash nor billed the client. Note: Enter debits before credits. Transaction General Journal Debit Credit F Record entry Clear entry View general Journal Required A Required B > Required: a. Prepare the required adjusting entries required at December 31, 2018. b. For each of the adjusting items, indicate the amount and the direction of effects of the adjusting journal entry on the elements of the balance sheet and income statement. Complete the following table by entering the amount and the direction (+ for increase, - for decrease) or leave blank for no effect. Complete this question by entering your answers in the tabs below. Required A Required B For each of the adjusting items, indicate the amount and the direction of effects of the adjusting journal entry on the elements of the balance sheet and income statement. Complete the following table by entering the amount and the direction (+ for increase, - for decrease) or leave blank for no effect. Balance Sheet Total Stockholders Liabilities Equity Income Statement Expenses Net Income Transaction Total Assets Revenues A B D mm 0 0
