E4-1 (Algo) Explaining Why Adjustments Are Needed and Preparing Adjustments [LO 4-1, LO 4-2] A list of various reasons for adjusting account balances is presented below, along with an unadjusted trial balance presented for the year ended December 31 a. As of December 31 , the equipment has been used for two full years. Approximately $1,236 of the equipment's usefulness is consumed each year b. On December 31 , the company performed $430 of services for a customer but has not yet recorded or billed the customer c. On December 31 , the company received an e-mail from its utility company indicating the company used $280 of services during December. The company has not recofded this item because the $280 will not be paid until January 15 . d. Salaries and wages totaling $363 for the second half of December have not yet been paid or recorded. e. No adjustment is needed for this account. Required: 1. For each account balance numbered 1-12, choose an appropriate reason from a-d that explains why that particular account bala needs to be adjusted or choose "e. when no adjustment is needed." 2. Prepare the adjusting journal entries required as of December 31. Complete this question by entering your answers in the tabs below. For each account balance numbered 112, choose an appropriate reason from a-d that explains why that particular account balance needs to be adjusted or choose "e. when no adjustment is needed." 2. Prepare the adjusting journal entries required as of December 31 . Complete this question by entering your answers in the tabs below. Prepare the adjusting journal entries required as of December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) Journal entry worksheet 4 Record the adjusting entry if $1,236 of the equipment's usefulness is consumed each year. Notn: Friter detiks bifore credis: M4-7 (Algo) Determining Accounting Equation Effects of Accrual Adjustments [LO 4-2] Requiredt For each of the following transactions for New ldea Corporation, give the eccourting equation effects of the adjustments required at the end of the mionth on July 31 (Enter any decreases to Assets, Libilities, or Stockliolders' Equity with a minus sign.) a. Recelved a 5580 utity bill for electricity usoge in July to be paid in August b. Owed wages to 10 employees who worked three days at $90 ecteh per day at the end of July. The company will pay employees at the end of the first week of August. c. On July 1 , loaned mohey to an employee who agreed to repay the loan in one year along with 51,000 for one full year of interest. No interest thas been recorded yet. For each of the following independent situations. prepare journal entries to record the inival transaction on September 30 and the adjustment required on October 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account ficid.) a. Hockey Helpers paid $4,800 cash on September 30 to rent an arena for the months of October and November. b. Super Stage Shows recelved $16,800 on September 30 for season tickets that admit patrons to a theatre event that will be held twice (on October 31 and November 30 ) c. Risky Ventures paid $3,600 on September 30 for insurance coverage for the months of October, November, and December. Journal entry worksheet Record the payment of $4,800 cash on September 30 to rent an arena for the months of October and November. Note fuiser dehats butore ervats. For each of the following independent situations, prepare joumal entries to record the initial transaction on December 31 and the adjustment required on January 31 , (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a Magnificent Magazines recelved $16,200 on December 31, 2021, for subscription services related to magazines that will be published and distributed in January through December 2022 b. Walker Window Washing paid \$1,620 cash for supplies on December 31, 2021. As of January 31, 2022, \$270 of these supplies had been used up. c. Indoor Raceway received $4,050 on December 31,2021 , from race participants for providing services for three races, One race is held January 31, 2022, and the other two will be heid in March 2022 Journal entry worksheet Record the receipt of $16,200 on December 31, 2021, for subscription services related to magazines that will be published and distnbuted from January through December 2022 . Wute inder dehas befue cievts. M4-13 (Algo) Preparing an Adjusted Trial Balance [LO 4-3] Required: Macro Company has the following adjusted accounts and balances at June 30 : Required: Prepare an adjusted trial balance for Macro Company at June 30 . E4-1 (Algo) Explaining Why Adjustments Are Needed and Preparing Adjustments [LO 4-1, LO 4-2] A list of various reasons for adjusting account balances is presented below, along with an unadjusted trial balance presented for the year ended December 31 a. As of December 31 , the equipment has been used for two full years. Approximately $1,236 of the equipment's usefulness is consumed each year b. On December 31 , the company performed $430 of services for a customer but has not yet recorded or billed the customer c. On December 31 , the company received an e-mail from its utility company indicating the company used $280 of services during December. The company has not recofded this item because the $280 will not be paid until January 15 . d. Salaries and wages totaling $363 for the second half of December have not yet been paid or recorded. e. No adjustment is needed for this account. Required: 1. For each account balance numbered 1-12, choose an appropriate reason from a-d that explains why that particular account bala needs to be adjusted or choose "e. when no adjustment is needed." 2. Prepare the adjusting journal entries required as of December 31. Complete this question by entering your answers in the tabs below. For each account balance numbered 112, choose an appropriate reason from a-d that explains why that particular account balance needs to be adjusted or choose "e. when no adjustment is needed." 2. Prepare the adjusting journal entries required as of December 31 . Complete this question by entering your answers in the tabs below. Prepare the adjusting journal entries required as of December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) Journal entry worksheet 4 Record the adjusting entry if $1,236 of the equipment's usefulness is consumed each year. Notn: Friter detiks bifore credis: M4-7 (Algo) Determining Accounting Equation Effects of Accrual Adjustments [LO 4-2] Requiredt For each of the following transactions for New ldea Corporation, give the eccourting equation effects of the adjustments required at the end of the mionth on July 31 (Enter any decreases to Assets, Libilities, or Stockliolders' Equity with a minus sign.) a. Recelved a 5580 utity bill for electricity usoge in July to be paid in August b. Owed wages to 10 employees who worked three days at $90 ecteh per day at the end of July. The company will pay employees at the end of the first week of August. c. On July 1 , loaned mohey to an employee who agreed to repay the loan in one year along with 51,000 for one full year of interest. No interest thas been recorded yet. For each of the following independent situations. prepare journal entries to record the inival transaction on September 30 and the adjustment required on October 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account ficid.) a. Hockey Helpers paid $4,800 cash on September 30 to rent an arena for the months of October and November. b. Super Stage Shows recelved $16,800 on September 30 for season tickets that admit patrons to a theatre event that will be held twice (on October 31 and November 30 ) c. Risky Ventures paid $3,600 on September 30 for insurance coverage for the months of October, November, and December. Journal entry worksheet Record the payment of $4,800 cash on September 30 to rent an arena for the months of October and November. Note fuiser dehats butore ervats. For each of the following independent situations, prepare joumal entries to record the initial transaction on December 31 and the adjustment required on January 31 , (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a Magnificent Magazines recelved $16,200 on December 31, 2021, for subscription services related to magazines that will be published and distributed in January through December 2022 b. Walker Window Washing paid \$1,620 cash for supplies on December 31, 2021. As of January 31, 2022, \$270 of these supplies had been used up. c. Indoor Raceway received $4,050 on December 31,2021 , from race participants for providing services for three races, One race is held January 31, 2022, and the other two will be heid in March 2022 Journal entry worksheet Record the receipt of $16,200 on December 31, 2021, for subscription services related to magazines that will be published and distnbuted from January through December 2022 . Wute inder dehas befue cievts. M4-13 (Algo) Preparing an Adjusted Trial Balance [LO 4-3] Required: Macro Company has the following adjusted accounts and balances at June 30 : Required: Prepare an adjusted trial balance for Macro Company at June 30