b. The Prepaid insurance account for the solar panels had a $3,000 debit balance at December 31 before adjusting for the costs of any expired coverage. Analysis of prepaid insurance shows that $1,100 of unexpired insurance coverage remains at year-end. c. The company received $6,000 cash in advance for sustainability consulting work. As of December 31 , one-third of the sustainability consulting work had been performed. d. As of December 31,$2,200 in wages expense for the organic produce workers has been incurred but not yet paid. e. As of December 31, the company has earned, but not yet recorded, $500 of interest revenue from investments in socially responsible bonds. The interest revenue is expected to be received on January 12. Exercise 3-14 (Algo) Analyzing effects of adjusting entries on financial statements LO P5 or each of the above separate cases, determine the financial statement impact of each required year-end adjusting entry. Fill in the able below by indicating the amount and direction ((t) increase or () decrease) of the effect. paid Insurance account for the solar panels had a $3,000 debit balance at December 31 before adjusting for s of any expired coverage. Analysis of prepaid insurance shows that $1,100 of unexpired insurance coverage at year-end. ipany received $6,000 cash in advance for sustainability consulting work. As of December 31 , one-third of ainability consulting work had been performed. 3 cember 31,$2,200 in wages expense for the organic produce workers has been incurred but not yet paid. zember 31, the company has earned, but not yet recorded, $500 of interest revenue from investments in responsible bonds. The interest revenue is expected to be received on January 12. IIgo) Analyzing effects of adjusting entries on financial statements LO P5 ve separate cases, determine the financial statement impact of each required year-end adjusting entry. Fill in the ating the amount and direction ((+) increase of () decrease) of the effect. Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] a. Depreciation on the company's wind turbine equipment for the year is $6,000. b. The Prepaid Insurance account for the solar panels had a $3,000 debit balance at December 31 before adjusting for the costs of any expired coverage. Analysis of prepaid insurance shows that $1,100 of unexpired insurance coverage temains at year-end. c. The company recelved $6,000 cash in advance for sustainability consulting work. As of December 31 , one-third of the sustainability consulting work had been performed. d. As of December 31,$2,200 in wages expense for the organic produce workers has been incurred but not yet paid. e. As of December 31 , the company has earned, but not yet recorded, $500 of interest revenue from investments in socially responsible bonds. The interest revenue is expected to be received on January 12
