Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

E3-24 Journalizing adjusting entries ans posting to T-accounts needs answering Onning balance of Office Supplies was $2,300. During the year, Betterton office supplies for $3,000,

E3-24 Journalizing adjusting entries ans posting to T-accounts needs answering
image text in transcribed
Onning balance of Office Supplies was $2,300. During the year, Betterton office supplies for $3,000, and at December 31 the office supplies on MOCR c. The beginning balance of Office purchased office supplies for S., hand totaled $1,000 crton prepaid a two full vers' insurance on July 1 of the current year, SO, Record insurance expense for the year ended December 31. e. Betterton had earned $2,800 of unearned revenue. 1. Betterton had incurred (but not recorded) $200 of interest expense on a note payable. The interest will not be paid until February 28. Betterton billed customers $3,000 for welding services per Journalire the adjusting entry needed on December 31 for each sitt letters to label the journal entries. try needed on December 31 for each situation. Use the E3-24 Journalizing adjusting entries and posting to T-accounts he accounting records of Mackay Architects include the following selected, unadjusted balances at March 31: Accounts Receivable, $1,500; Office Supplies, 700 Rent, $2,240; Equipment, $8,000; Accumulated Equipment, $8,000; Accumulated Depreciation Equipment, $0; Salaries Payable, S0; Unearned Revenue, 5900: Service Revenue, $4,100; Salaries Expense, 5800; Supplies Expense, SO; Rent Expense, SO: Depreciation Expense-Equipment, data developed for the March 31 adjusting entries are as follows: a. Service revenue accrued, $700. b. Unearned revenue that has been earned, $100. c. Office Supplies on hand, $300. d. Salaries owed to employees, $200. e. One month of prepaid rent has expired, 5560. f. Depreciation on equipment, $120. Requirements 1. Open a T-account for each account using the unadjusted balances given. 2. Journalize the adjusting entries using the letter and March 31 date in the date column. 3. Post the adjustments to the T-accounts, entering each adjustment by letter. Show each account's adjusted balance

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

Students also viewed these Accounting questions