Chapter 3 Problems Saved Anez Company's annual accounting period ends on December 31. 2017. The following information concerns the adjusting entries to be recorded as of that date a. The Office Supplies account started the year with a $3375 balance. During 2017 the company purchased supplies for $13.939 which was added to the Office Supplies account. The inventory of supplies available at December 31, 2017, totaled $2,970 b. An analysis of the company's insurance policies provided the following facts points Nonths o Policy Purchase Coverage Cost Date of Months of A April 1 2015 24$11,640 April 1, 36 10,448 c August 1, 9,240 12 2017 The total premium for each policy was pald in full (for all months) at the purchase date, and the Prepaid Insurance account was debited for the full cost (Year-end adjusting entries for Prepaid insurance were properly recorded in all prior years ) c. The company has 15 employees, who eam a total of $1,950 in salaries each working day. They are paid each Monday for their work in the five-day workweek ending on the previous Friday. Assume that December 31. 2017, is a Tuesday, and al 15 employees worked the first two days of that week Because New Year's Day is a paid holiday, they will be paid salaries for five full days on Monday, January 6. 2018 d. The company purchased a building on January 1. 2017 It cost $830,000 and is expected to have a $45.000 salvage value at the end of ts predicted 25 year life Annual depreciation is $31.400 e. Since the company is not large enough to occupy the entire building it owns, it rented space to a tenant at $2900 pet month, starting on November 1, 2017 The rent was pakd on time on November 1, and the amount received was credited to the Rent Earned account However, the tenant has not paid the December rent. The company has worked out an agreement with the tenant, who has promised to pay both December and January rent in full on January 15. The tenant has agreed not to fall behind aga n f. On November 1, the company rented space to another tenant for $2627 per month The tenant paid five menths' rent in advance on that date. The payment was recorded with a credit to the Unearned Rent account Required: 1. Use the information to prepare adjusting entries as of December 31, 2017 2 Prepare journal entries to record the first subsequent cash transaction in 2018 for parts cand e Complete this auestion bv enterino vour answers in the tabs below Prev 1 of 9 Next > Chapter 3 Problems by entering your answers in the tabs below Required 1 Required 2 2.22 points Use the information to prepare adjusting entries as of December 31, 2017 View transaction list Journal entry worksheet Print Record the adjusting entry related to the campany's insurance. Note: Enter debits before credits Journal Debit Prepaid insurance Racord entry Clear entry View general journal Required 2> Prev 1 of 9 Next > Complete this question by entering your answers in the tabs below. Required 1Required 2 Doints Prepare journal entries to record the first subeegquent cash transaction in 2018 for parts c and e View transaction list ebook Journal entry worksheet Prirm Record the payment of accrued and current salaries. Note: Enter debits before credits. Date General Journal Debit Jan 06 Record entry Clear entry Vieer general jourmal O Type here to search