AutoSave on H2 IN CLASS QUESTIONS 123 (1) - Excel Search Otieno, Yvette OY Ga File Home Insert Draw Page Layout Formulas Data Review View Kutools Kutools Plus Help Power Pivot Share Comments A9 fx On December 1, 2016 the company purchased an additional insurance premium C E H M N r R S T V X Y z 1) RECORD THE ADJUSTING JOURNAL ENTRIES NEEDED FOR DECEMBER 31 FOR THE FOLLOWING: 5 6 a) The prepaid insurance account had a debit balance of 7 $3,000 at 9/30/16. The $3,000 amount covered a period of three months. 9 On December 1, 2016 the company purchased an additional insurance premium 10 for $12,000 that covered a 12 month period 11 13 b) For 12/31/16, ABC Corporation had paid and recorded salary expense of $24,000. that covered salary expense through 12/24/16. However, the company's employees had earned five days pay that would not be paid until 1/5/2017. The daily salary expense was $2,000.00. 14 15 16 c) XYZ Corporation performed engineering services for a customer totalling $50,000 18 in December, 2016. The customer was not billed until JANUARY, 2017. 19 20 d) ABC Corporation sold a customer goods priced at $6,000. 21 The goods were shipped FOB Shipping Point on December 31, 2016. 22 The goods cost $3,500. Record the journal entry on the appropriate date. 23 24 e) MAGAZINES PLUS received cash of $20,000 in September, 2016 for annual subscriptions that zs began December, 1, 2016. Record the journal entry needed December 31, 2016 26 27 f) ABC CORPORATION PURCHASED EQUIPMENT FOR $50,000 ON 28 DECEMBER 1, 2016. THE EQUIPMENT HAD A SALVAGE VALUE OF $2,000 AND 29 WAS EXPECTED TO HAVE A USEFUL LIFE OF FIVE YEARS 30 RECORD THE DECEMBER 31 JOURNAL ENTRY FOR DEPRECIATION EXPENSE 31 CHAPTER 1 CHAPTER 2 CHAPTER 3 Ready le + 70%