Check my work Exercise 5.1 (Algo) Calculating adjustments. LO 5-2 1. On June 1, 20X1, Conner Company, a new firm, paid $4,750 rent in advance for a five-month period. The $4,750 was debited to the Prepaid Rent account. 2. On June 1, 20X1, the firm bought supplies for $7,700. The $7,700 was debited to the Supplies account. An inventory of supplies at the end of June showed that items costing $3,175 were on hand. 3. On June 1, 20X1, the firm bought equipment costing $52,800. The equipment has an expected useful life of 8 years and no salvage value. The firm will use the straight-line method of depreciation. Prepare end-of-June adjusting entries for Conner Company. View transaction list Journal entry worksheet A B Prepare the adjusting entry for prepaid rent. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal Check my work Exercise 5.1 (Algo) Calculating adjustments. LO 5-2 1. On June 1, 20X1, Conner Company, a new firm, paid $4,750 rent in advance for a five-month period. The $4,750 was debited to the Prepaid Rent account. 2. On June 1, 20X1, the firm bought supplies for $7,700. The $7,700 was debited to the Supplies account. An inventory of supplies at the end of June showed that items costing $3,175 were on hand. 3. On June 1, 20X1, the firm bought equipment costing $52,800. The equipment has an expected useful life of 8 years and no salvage value. The firm will use the straight-line method of depreciation. Prepare end-of-June adjusting entries for Conner Company. View transaction list Journal entry worksheet Prepare the adjusting entry for supplies. Note: Enter debits before credits Transaction General Journal Debit Credit 2 Record entry Clear entry View general journal Check my work Exercise 5.1 (Algo) Calculating adjustments. LO 5-2 1. On June 1, 20X1, Conner Company, a new firm, paid $4,750 rent in advance for a five-month period. The $4,750 was debited to the Prepaid Rent account. 2. On June 1, 20X1, the firm bought supplies for $7,700. The $7,700 was debited to the Supplies account. An inventory of supplies at the end of June showed that items costing $3,175 were on hand. 3. On June 1, 20X1, the firm bought equipment costing $52,800. The equipment has an expected useful life of 8 years and no salvage value. The firm will use the straight-line method of depreciation. Prepare end-of-June adjusting entries for Conner Company. View transaction list Journal entry worksheet Prepare the adjusting entry for depreciation. Note: Enter debits before credits Transaction General Journal Debit Credit 3 Record entry Clear entry View general journal Check my work Exercise 5.2 (Algo) Calculating adjustments. LO 5-2 1. A firm purchased a four-year insurance policy for $7,200 on July 1, 20X1. The $7,200 was debited to the Prepaid Insurance account. 2. On December 1, 20X1, a firm signed a contract with a local radio station for advertising that will extend over a three-year period. The firm paid $41,400 in advance and debited the amount to Prepaid Advertising. Prepare end-of- month adjusting entries for each of the above situations. View transaction list Journal entry worksheet Prepare the adjusting entry for insurance. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry entry View general journal Check my work Exercise 5.2 (Algo) Calculating adjustments. LO 5-2 1. A firm purchased a four-year insurance policy for $7,200 on July 1, 20X1. The $7,200 was debited to the Prepaid Insurance account. 2. On December 1, 20X1, a firm signed a contract with a local radio station for advertising that will extend over a three-year period. The firm paid $41,400 in advance and debited the amount to Prepaid Advertising. Prepare end-of- month adjusting entries for each of the above situations. View transaction list Journal entry worksheet Prepare the adjusting entry for supplies. Note: Enter debits before credits. General Journal Debit Credit Date Dec. 31, 20X1 Record entry Clear entry View general journal (General Journal Ledger > Check my work Exercise 5.5 (Algo) Journalizing and posting adjustments. LO 5-5 Lancaster Company must make three adjusting entries on December 31, 20X1. 2. Supplies used, $10,800 (supplies totaling $17,600 were purchased on December 1, 20X1, and debited to the Supplies account). 5. Expired insu ce, $8,000; on December 1, 20X1, the firm paid $48,000 for six months' insurance coverage in advance and debited Prepaid Insurance for this amount. c. Depreciation expense for equipment, $5,600. Required: Prepare the journal entries for these adjustments and post the entries to the general ledger accounts. Complete this question by entering your answers in the tabs below. General Journal Ledger Prepare the journal entries for the above adjustments. View transaction list Journal entry worksheet Prepare the adjusting entry for insurance. Note: Enter debits before credits. General Journal Debit Credit Date Dec. 31, 20X1 Record entry Clear entry View general journal General Journal Ledger > Check my work Exercise 5.5 (Algo) Journalizing and posting adjustments. LO 5-5 Lancaster Company must make three adjusting entries on December 31, 20X1. 2. Supplies used, $10,800 (supplies totaling $17,600 were purchased on December 1, 20X1, and debited to the Supplies account). 5. Expired insu ce, $8,000; on December 1, 20X1, the firm paid $48,000 for six months' insurance coverage in advance and debited Prepaid Insurance for this amount. c. Depreciation expense for equipment, $5,600. Required: Prepare the journal entries for these adjustments and post the entries to the general ledger accounts. Complete this question by entering your answers in the tabs below. General Journal Ledger Prepare the journal entries for the above adjustments. View transaction list Journal entry worksheet