Brokeback Towing Company is at the end of its accounting year, December 31, 2017. The following data that must be considered were developed from the company's records and related documents: a. On July 1 2017 a three-year Insurance premium on equipment in the amount of $1,800 was paid and debited in full to Prepaid Insurance on that date. Coverage began on July 1 b. At the end of 2017, the unadjusted balance in the Office Supplies account was $2.000. A physical count of supplies on December 31, 2017 indicated supplies costing $900 were still on hand c On December 31, 2017 YY's Garage completed repairs on one of Brokeback's trucks at a cost of $1.200. The amount is not yet recorded. It will be paid during January 2018 d in December, the 2017 property tax bil for $3200 was received from the city. The taxes, which have not been recorded, will be paid on February 15, 2018 e On December 31, 2017, the company completed the work on a contract for an out of province company for $17,900 payable by the customer within 30 days. No cash has been collected and no journal entry has been made for this transaction On July 1, 2017 the company purchased a new hauling van Depreciation for July to December 2017, estimated to total $3.750. has not been recorded 9. As of December 31, the company owes interest of $1000 on a bank loan taken out on October 2017. The interest will be paid on September 30, 2018, when the loan is repaid No interest has been recorded yet n. The income before any of the adjustments or income taxes was $50,000. The company's federal income tax rate is 30 percent. Compute adjusted income based on all of the preceding information, and then determine and record income tax expense Required: 1. Give the adjusting journal entry required for each transaction at December 31, 2017. (Do not round intermediate calculations. 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 7 > On July 1, 2017, a three-year insurance premium on equipment in the amount of $1,800 was paid and debited in full to Prepaid Insurance on that date Coverage began on July 1.

e DOLL Required: 1. Give the adjusting journal entry required for each transaction at December 31, 2017. (Do not round intermediate calculations.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 4 5 8 > On July 1, 2017, a three-year Insurance premium on equipment in the amount of $1,800 was paid and debited in full to Prepaid Insurance on that date. Coverage began on July 1 Note: Enter debts before credits Transaction General Journal Debat Credit Record entry Cleos entry View general oral 2. Without the adjustments made in requirement 1, by what amount would Brokeback's net income have been understated or overstated? 9 DELL Required: 1. Give the adjusting journal entry required for each transaction at December 31, 2017 (Do not round intermediate calculations. If no entry is required for transaction event, select "No journal entry required in the first account field) View transaction list Journal entry worksheet At the end of 2017, the unadjusted balance in the Office Supplies account was $2,000. A physical count of supplies on December 31, 2017 indicated supplies costing $900 were still on hand. Note Enter debts before credits Transaction General Journal Credit Record entry Clear entry View general journal 2. Without the adjustments made in requirement 1, by what amount would Brokeback net income have been understated or overstated e OR 9 DELL Journal entry required for each transaction at December 31, 2017 (Do not round intermediate calculations. If no entry is required for a transaction event, select "No journal entry required in the first account field) View transactionist - Journal entry worksheet ences On December 31, 2017, YY's Garage completed repairs on one of Brokeback's trucks at a cost of $1,200. The amount is not yet recorded. It will be paid during January 2018 Note: Enter debits before credits Transaction General Journal Deb Credit Record entry Clearly Viewer 2. Without the adjustments made in requirement by what amount would Brokeback's net income have been understated or overstated 9 DELL Required: 1. Give the adjusting journal entry required for each transaction at December 31, 2017. (Do not round intermediate calculations. If no entry is required for a transaction levent, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet 2 3 4 5 6 7 8 > In December, the 2017 property tax bill for $3,200 was received from the city. The taxes, which have not been recorded, will be paid on February 15, 2018 NoteEnter debits before credits Transaction General Journal Debit Credit Record entry Clearly Vaa paa paal 2. Without the adjustments made in requirement 1, by what amount would Brokeback's net income have been understated or overstated 4 of 5 ! Next > DELL Required: 1. Give the adjusting journal entry required for each transaction at December 31, 2017. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction lit Journal entry worksheet 4 6 7 8 On December 31, 2017, the company completed the work on a contract for an out of province company for $17,900 payable by the customer within 30 days. No cash has been collected and no journal entry has been made for this transaction Note Enter debts before credits Transaction General Journal Debit Crede Record entry Clear entry Viewer 2. Without the adjustments made in requirement by what amount would Brokeback's net income have been understated or overstated? DELL Required: 1. Give the adjusting journal entry required for each transaction at December 31, 2017. (Do not round intermediate calculations. 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 4 5 7 8 > es On July 1, 2017, the company purchased a new haling van Depreciation for July to December 2017, estimated to total $3,750, has not been recorded. tenter debts before credits Transaction General Journal Credit Record entry Clear entry View all 2. Without the adjustments made in requirement 1, by what amount would Brokeback's net income have been understated or overstated Prov 4 of 5 Next > E DELL Required: 1. Give the adjusting journal entry required for each transaction at December 31, 2017. (Do not found intermediate calculations. If no entry is required for a transaction event, select "No journal entry required in the first accountfield Verw transaction list Journal entry worksheet 3 2 5 6 8 > As of December 31, the company owes Interest of $1,000 on a bank loan taken out on October 1, 2017. The interest will be paid on September 30, 2018, when the loan is repaid. No interest has been recorded yet. Note: Enter debit before credits Transaction 9 General Journal Deba Credit Record entry Clear entry View general journal 2. Without the adjustments made in requirement 1 by what amount would Brokeback's net income have been understated overstated e OR 6 DOLL Required: 1. Give the adjusting journal entry required for each transaction at December 31, 2017 (Do not round intermediate calculations. 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 3 4 5 6 7 The income before any of the adjustments or income taxes was $50,000. The company's federal income tax rate is 30 percent. Compute adjusted Income based on all of the preceding Information, and then determine and record Income tax expense NoteEnter debits before credits Transaction General Journal Deb Cred h Record entry Clearly View journal 2. Without the adjustments made in requirement 1 by what amount would Brokeback's net income have been understated or overstated 4 of 5 Next > OF DELL Record entry Clear entry View general Journal 2. Without the adjustments made in requirement by what amount would Brokeback's net income have been understated or overstated? $9.855 Overstated $9.855 Understated E 6 D DELL