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dont understand whats going on the two oarts go together a. Wages of $14,000 are earned by workers but not paid as of December 31
dont understand whats going on the two oarts go together
a. Wages of $14,000 are earned by workers but not paid as of December 31 . b. Depreciation on the company's equipment for the year is $10,240. c. The Supplies account had a $500 debit balance at the beginning of the year. During the year, $5,848 of supplies are purchased. A physical count of supplies at December 31 shows $635 of supplies available. d. The Prepaid Insurance account had a $5,000 balance at the beginning of the year. An analysis of insurance policies shows that $2,300 of unexpired insurance benefits remain at December 31 . e. The company has earned (but not recorded) $700 of interest revenue for the year ended December 31 . The interest payment will be recelved 10 days after the year-end on January 10. f. The company has a bank loan and has incurred (but not recorded) interest expense of $3,000 for the year ended December 31. The company will pay the interest five days after the year-end on January 5. r each of the above separate cases, prepare adjusting entries required of financial statements for the year ended December 31. a. Wages of $14,000 are earned by workers but not paid as of December 31 . b. Depreciation on the company's equipment for the year is $10,240. c. The Supplies account had a $500 debit balance at the beginning of the yeac. During the year, $5,848 of supplies are purchased. A physical count of supplies at December 31 shows $635 of supplies available. d. The Prepaid Insurance account had a $5,000 balance at the beginning of the yeat. An analysis of insurance policies shows that $2,300 of unexpired insurance benefits remain at December 31 . e. The company has earned (but not recorded) $700 of interest revenue for the year ended December 31 . The interest payment will be received 10 days after the year-end on January 10. f. The company has a bank loan and has incurred (but not recorded) interest expense of $3.000 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, anolyze each adjusting entry by showing its effects on the occounting equation-specifically, dentify the accounts and amounts (including (t) increase or () decrease) for each transaction or event Step by Step Solution
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