Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Consider the following situations for Mineral Bluf Welding Services: (Click the loon to view the stations.) Joumalize the adjusting entry needed on December 31 for

Consider the following situations for Mineral Bluf Welding Services: (Click the loon to view the stations.) Joumalize the adjusting entry needed on December 31 for each situation. Use the letters to label the journal entries (Record debits fret, then credits. Select the explanation on the last line of the journal entry table) Accounts and Explanation Debit Credit Dec. 31 Supplies Expense Office Supplies To record office supples used d. Mineral uf prepaid a two full year insurance on April 1 of the cument year, $6.900. Recond insurance expense for the year ended December 31. (When the policy was chased on Apr 1, assume at Mineral den Accounts and Explanation Date (d) Dec 31 Debit Credit More Info To recond insurance exgene e. Mineral Bluf had eamed $3,000 of uneamed revenue. (When the cash was received, assume that a liability account was cred Date Accounts and Explanation Debit Credit (x) Dec. 31 Cash 3000 Choose from any list or enter any number in the input fields and then continue to the next question Depreciation for the current year includes equipment $2.500 b. Each Monday, Mineral Bluf pays employees for the previous week's work. The 1 amount of weekly payrol is $6,300 for a seven-day workweek (Monday to Sunday) This year, December 31 falls on Thursday c. The beginning balance of Office Supplies was $2,100. During the year. Mineral Buf purchased office supplies for 12,800, and at December 31 the office supplies on hand totaled $1,400 d. Mineral Buf prepaid a two full year insurance on April 1 of the current year $6.900 Record insurance expense for the year ended December 31 a. Mineral Buf had eamed $3.000 of unsamed revenue f. Mineral Buf had incumed (but not recorded) $140 of interest expense on ano payable The interest will not be paid until February 26 Mineral Bluf billed customers $4,000 for welding services performed

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

Powerpoint Notes For Use With Managerial Accounting

Authors: Ronald W Hilton

6th Edition

0072866268, 978-0072866261

More Books

Students also viewed these Accounting questions