Cher Exercise 3-7 Preparing adjusting entries LO P1, P3, P4 a. Wages of $5,000 are earned by workers but not paid as of December 31 b. Depreciation on the company's equipment for the year is $10,000. c. The Office Supplies account had a $360 debit balance at the beginning of December During December $5,605 of office supplies are purchased. A physical count of supplies at December 31 shows $611 of supplies available. d. The Prepaid Insurance account had a $5,000 balance at the beginning of December. An analysis of insurance policies shows that $2,900 of unexpired insurance benefits remain at December 31 e. The company has earned (but not recorded) $800 of interest revenue for the year ended December 31 The interest payment will be received on 10 days after the year-end January 10 1. The company has a bank loan and has incurred (but not recorded interest expense of $2.500 for the year ended December 31 The company will pay the interest five days after the year end on January 5 For each of the above separate cases prepare adjusting entries required of financial statements for the year ended (date of) December 31 View transaction list Journal entry worksheet CHRIS Journal entry worksheet 2 3 5 6 > th Wages of $5,000 are earned by workers but not paid as of December 31. Note: Enter debits before credits. Transaction Debit Credit General Journal Wages expense Wages payable 5.000 5.000 Record entry Clear entry View general journal 1 of 5 !!! Next > to search o Homework Saved Journal entry worksheet K 2 3 4 5 6 > Depreciation on the company's equipment for the year is $10,000. Note: Enter debits before credits Transaction b Debit Credit General Journal Accumulated depreciation-Equipment Depreciation expense-Equipment Record entry Clear entry View general Journal 1 of 5 Next > Cearch Homework Saved Journal entry worksheet o 6 Journal entry worksheet The Prepaid Insurance account had a $5,000 balance at the beginning of December. An analysis of Insurance policies shows that $2,900 of unexpired insurance benefits remain at December 31. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal 1 of 5 ! Next > arch Journal entry worksheet arch O EH 3 WE Journal entry worksheet 3 4 5 The company has a bank loan and has incurred (but not recorded) interest expense of $2,500 for the year ended December 31. The company will pay the interest five days after the year-end on January 5. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal Brey 1 of 518 Next > Search o
