FASTFORWARD Unadjusted Trial Balance December 31, 2017 8 Acct. # Account Title Debit Credit 10 101 11 106 Cash 4,350 Accounts Receivable 12 126 Supplies 9,720 13 128 Prepaid Insurance 2,400 14 167 Equipment 26,000 15 201 Accounts Payable 6,200 16 236 Uneamed Consulting Revenue 3,000 17 301 C. Taylor, Capital 30,000 18 302 C. Taylor, Withdrawals 200 19 403 Consulting Revenue 20 406 Rental Revenue 5,800 300 21622 22 640 23 690 24 25 Salaries Expense Rent Expense Utilities Expense Totals 1,400 1,000 230 45,300 $ 45,300 26 B Given the above unadjusted trial balance, prepare the following adjusting joumal entries (AJE's): 1 2 A) 3 4 5 B) B 7 C) B B 0 1 D) 3 4 E) 5 -7 -8 9 50 51 F) 52 53 54 55 G) 56 57 58 H) 59 60 One month of insurance coverage has expired. The prepaid insurance account currently shows the balance for a 24 month policy. Prepare the AJE. A count of supplies reveals that $8,670 remains at year end. Prepare the AJE The $26,000 of equipment purchased above on December 1, 2017, has an $8,000 salvage value and a 4 year useful life. Record the depreciation expense for the month of December. FastForward eams (one month) 1/12 of the uneamed consulting revenue recorded above. Prepare the AJE. FastForward has one employee who eams $70 per day. This employee is paid every two weeks on Friday. Wages were last paid to this employee on Friday, December 26th. For the next pay period the employee works three days in December (Monday the 29th, Tuesday the 30th, and Wednesday the 31st) and the other seven work days are in January for which he will be paid for the two weeks on January 9th. Prepare the AJE at December 31st. FastForward agrees to provide consulting services for a fixed fee of $2,700 per month running from December 12th through January 10, or 30 days. Prepare the AJE at year end to record the eaming of 20 days (2/3) of the revenue. On January 9th, the employee is paid the two weeks pay to settle the liability created in (E) and to record the additional expense for January. Prepare the entry. On January 10th, FastForward receives the first month's fee to settle the receivable created in (F) and to recognize the additional revenue earned in January. Prepare the entry. YEAR 2017: A) B) C) m 7 8 19 0 YEAR 2018: 1 2 G) 13 4 15 6 7 H) 8 39 00 01 02 Debit Credit