Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can anyone help me fill in the journal entry worksheet from 1-10 please 21 Problem 3-7A Adjusting entries (monthly) LO4 20 points Skpoed Wedona Energy

Can anyone help me fill in the journal entry worksheet from 1-10 please image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
21 Problem 3-7A Adjusting entries (monthly) LO4 20 points Skpoed Wedona Energy Consultants prepares adjusting entries monthly. Based on an analysis of the unadjusted trial balance at January 31, 2020, the following information was available for the preparation of the January 31, 2020, month-end adjusting entries: a. Equipment purchased on November 1 of this accounting period for $23,760 is estimated to have a useful life of 3 years. After 3 years of use, it is expected that the equipment will be scrapped due to technological obsolescence. b. Of the $12,000 balance in Unearned Consulting Revenue, $9,300 had been earned. c. The Prepaid Rent account showed a balance of $15,300. This was paid on January 1 of this accounting period and represents six months of rent commencing on the same date. d. Accrued wages at January 31 totalled $19,100. e. One month of interest had accrued at the rate of 3% per year on a $54,000 note payable. Unrecorded and uncollected consulting revenues at month-end were $6,450. 9. A $4,050 insurance policy was purchgsed on April 1 of the current accounting period and debited to the Prepaid Insurance account Coverage begon April 1 for 18 months h. The monthly depreciation on the office furniture was $655. I. Repair revenues accrued at month-end totalled $4,000. J. The Store Supplies account had a balance of $860 at the beginning of January, During January, $1,840 of supplies were purchased and debited to the Store Supplies account. At month-end, a count of the supplies revealed a balance of $710. eBook References Assume Wedono Energy uses the straightline method to depreciate its assets. Required: Prepare adjusting Journal entries for the month ended January 31, 2020, based on the above. View transaction list Journal entry worksheet Record the store supplies used. Required: Prepare adjusting journal entries for the month ended January 31, 2020, based on the above. View transactly list x 9 10 Record the depreciation on equipment. Record the Consulting revenue earned. 3 Record the expired rent. s Record the accrued wages. Record the accrued interest. Credit Record the accrued revenue. Record the expired insurance. Record the depreciation of office furniture. Note: - Journal entry has been entered Record entry Clear entry View general Journal Assume Wedona Energy uses the straight-line method to depreciate its assets. Required: Prepare adjusting journal entries for the month ended January 31, 2020, based on the above. View transaction list Record the expired rent. 10 > Record the accrued wages. Record the accrued interest. Record the accrued revenue. Record the expired insurance. Credit 8 Record the depreciation of office furniture. Record the accrued repair revenues. 10 Record the store supplies used. Note : journal entry has been entered Record entry Clear entry View general journal Required: Prepare adjusting journal entries for the month ended January 31, 2020, based on the above. View transaction list Journal entry worksheet 1 2 3 6 7 8 9 10 > Record the depreciation on equipment. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introductory Accounting A Measurement Approach For Managers

Authors: Daniel P. Tinkelman

1st Edition

9781138956216

More Books

Students also viewed these Accounting questions

Question

Appreciate why organizational managers prefer to remain union-free

Answered: 1 week ago