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Devin Wolf Company has the following balances in selected accounts on December 3 1 , 2 0 2 4 . Devin has a calendar year
Devin Wolf Company has the following balances in selected accounts on December Devin has a calendar year end. Accounts Receivable $ Accumulated Depreciation Equipment Equipment Interest Payable Notes Payable Prepaid Insurance Salaries Payable Supplies Unearned Revenue All the accounts have been normal balances. The information below has been gathered at December Devin Wolf Company borrowed $ by signing a oneyear note on September A count of supplies on December indicated that supplies of $ are on hand, Depreciation on the equipment for is $ Devin Wolf Company paid $ for months of insurance coverage on June On December Devin Wolf collected $ for consulting services to be performed evenly from Dec through March Devin Wolf performed consulting services for a client in December The client will be billed $ Payment from the customer is expected on January Devin Wolf Company pays its employees total salaries of $ every Wednesday for the preceding fiveday week Monday through Friday Assume January is a Wednesday. On Wednesday, January employees were paid for the last five weekdays of Instructions Prepare adjusting entries for the seven items above. Prepare the appropriate subsequent cash entries if applicable. During the year, the employees at Devin Wolf did not track the supplies they used. Explain how the supplies expense for the year can be determined even though detailed usage records were kept.
Devin Wolf Company has the following balances in selected accounts on December Devin has a calendar year end.
Accounts Receivable
$
Accumulated Depreciation Equipment
Equipment
Interest Payable
Notes Payable
Prepaid Insurance
Salaries Payable
Supplies
Unearned Revenue
All the accounts have been normal balances. The information below has been gathered at December
Devin Wolf Company borrowed $ by signing a oneyear note on September
A count of supplies on December indicated that supplies of $ are on hand,
Depreciation on the equipment for is $
Devin Wolf Company paid $ for months of insurance coverage on June
On December Devin Wolf collected $ for consulting services to be performed evenly from Dec through March
Devin Wolf performed consulting services for a client in December The client will be billed $ Payment from the customer is expected on January
Devin Wolf Company pays its employees total salaries of $ every Wednesday for the preceding fiveday week Monday through Friday Assume January is a Wednesday. On Wednesday, January employees were paid for the last five weekdays of
Instructions
Prepare adjusting entries for the seven items above.
Prepare the appropriate subsequent cash entries if applicable.
During the year, the employees at Devin Wolf did not track the supplies they used. Explain how the supplies expense for the year can be determined even though detailed usage records were kept.
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