B.4.4) (LO 1), AN Cortina Company accumulates the following adjustment data at December 31. Indicate (1) the type of adjustment (prepaid expense, accrued revenue, and so on) and (2) the status of the accounts before adjustment (for example, "assets understated and revenues understated"). a. Supplies of $400 are on hand. Supplies account shows $1,600 balance. A AE b. Services performed but unbilled total $700. c. Interest of $300 has accumulated on a note payable. d. Rent collected in advance totaling $1,100 has been earned. BF(4.5-LO 2), AP Lahey Advertising Company's trial balance at December 31 shows Supplies $8,800 and Supplies Expense $0. On December 31, there are $1,100 of supplies on hand. Prepare the adjusting entry at December 31 and, using T-accounts, enter the balances in the accounts, post the adjusting entry, and indicate the adjusted balance in each account. BE4.6 (LO 2), AP At the end of its first year, the trial balance of Rayburn Company shows Equipment $22,000 and zero balances in Accumulated Depreciation-Equipment and Depreciation Expense. Depreciation for the year is estimated to be $2,750. Prepare the annual adjusting entry for depreciation at December 31, post the adjustments to T-accounts, and indicate the balance sheet presentation of the equipment at December 31. 272950 Be4. (LO 2), AP On July 1, 2022, Ling Co. pays $12,400 to Marsh Insurance Co. for a 2 -year insurance contract. Both companies have fiscal years ending December 31. For Ling Co., journalize and post the entry on July 1 and the annual adjusting entry on December 31.3,00 B 4.8 (LO 2), AP Using the data in BE4.7, journalize and post the entry on July 1 and the adjusting entry on December 31 for Marsh Insurance Co. Marsh uses the accounts Unearned Service Revenue and Service Revenue. RE4. (LO 2), AP The unadjusted trial balance of Northern Exposure Inc. had these balances for the following select accounts: Supplies $3,100, Unearned Service Revenue $8,200, and Prepaid Rent B.4.4) (LO 1), AN Cortina Company accumulates the following adjustment data at December 31. Indicate (1) the type of adjustment (prepaid expense, accrued revenue, and so on) and (2) the status of the accounts before adjustment (for example, "assets understated and revenues understated"). a. Supplies of $400 are on hand. Supplies account shows $1,600 balance. A AE b. Services performed but unbilled total $700. c. Interest of $300 has accumulated on a note payable. d. Rent collected in advance totaling $1,100 has been earned. BF(4.5-LO 2), AP Lahey Advertising Company's trial balance at December 31 shows Supplies $8,800 and Supplies Expense $0. On December 31, there are $1,100 of supplies on hand. Prepare the adjusting entry at December 31 and, using T-accounts, enter the balances in the accounts, post the adjusting entry, and indicate the adjusted balance in each account. BE4.6 (LO 2), AP At the end of its first year, the trial balance of Rayburn Company shows Equipment $22,000 and zero balances in Accumulated Depreciation-Equipment and Depreciation Expense. Depreciation for the year is estimated to be $2,750. Prepare the annual adjusting entry for depreciation at December 31, post the adjustments to T-accounts, and indicate the balance sheet presentation of the equipment at December 31. 272950 Be4. (LO 2), AP On July 1, 2022, Ling Co. pays $12,400 to Marsh Insurance Co. for a 2 -year insurance contract. Both companies have fiscal years ending December 31. For Ling Co., journalize and post the entry on July 1 and the annual adjusting entry on December 31.3,00 B 4.8 (LO 2), AP Using the data in BE4.7, journalize and post the entry on July 1 and the adjusting entry on December 31 for Marsh Insurance Co. Marsh uses the accounts Unearned Service Revenue and Service Revenue. RE4. (LO 2), AP The unadjusted trial balance of Northern Exposure Inc. had these balances for the following select accounts: Supplies $3,100, Unearned Service Revenue $8,200, and Prepaid Rent
