For each separate case, record the necessary adjusting entry. a. On July 1, Lopez Company paid $2,500 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31. b. Zim Company has a Supplies account balance of $7,600 at the beginning of the year. During the year, it purchases $3,300 of supplies. As of December 31, a physical count of supplies shows $1,450 of supplies available. Prepare the year-end adjusting entries to reflect expiration of the insurance and correctly report the balance of the Supplies account and the Supplies Expense account as of December 31. View transaction list Journal entry worksheet 1 2 Record year-end adjusting entry to reflect expiration of the insurance December 31. Note: Enter debits before credits. Transaction a. of General Journal Debit Credit < Prev 3 of 10 Next > a. On July 1, Lopez Company paid $2,500 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31. b. Zim Company has a Supplies account balance of $7,600 at the beginning of the year. During the year, it purchases $3,300 of supplies. As of December 31, a physical count of supplies shows $1,450 of supplies available. Prepare the year-end adjusting entries to reflect expiration of the insurance and correctly report the balance of the Supplies account and the Supplies Expense account as of December 31. View transaction list Journal entry worksheet 2 Record the supplies used during the year. Note: Enter debits before credits. Transaction b. General Journal Debit Credit < Prev 3 of 10 Next > For each separate case, record an adjusting entry (if necessary). a. Barga Company purchases $25,000 of equipment on January 1. The equipment is expected to last five years and be worth $3,000 at the end of that time. b. Welch Company purchases $10,500 of land on January 1. The land is expected to last forever. Prepare the entries to record one year's depreciation expense of $4,400 for the equipment and what depreciation adjustment, if any. should be made with respect to the Land account as of December 31? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the depreciation adjustment on equipment on December 31. Note: Enter debits before credits. Transaction a General Journal Debit Credit < Prev 4 of 10 Next > es For each separate case, record an adjusting entry (if necessary). a. Barga Company purchases $25,000 of equipment on January 1. The equipment is expected to last five years and be worth $3,000 at the end of that time. b. Welch Company purchases $10,500 of land on January 1. The land is expected to last forever. Prepare the entries to record one year's depreciation expense of $4,400 for the equipment and what depreciation adjustment, if any, should be made with respect to the Land account as of December 31? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 2 Record depreciation adjustment on land, if any. Note: Enter debits before credits. Transaction b General Journal Debit Credit < Prev 4 of 10 Next > ook int rint rences Record adjusting journal entries for each separate case below for year ended December 31. Assume no other adjusting entries are made during the year. a. Unearned Rent Revenue. The Krug Company collected $6,000 rent in advance on November 1, debiting Cash and crediting, Unearned Rent Revenue. The tenant was paying 12 months' rent in advance and occupancy began on November 1. b. Unearned Services Revenue. The company charges $75 per insect treatment. A customer paid $300 on October 1 in advance for four treatments, which was recorded with a debit to Cash and a credit to Unearned Services Revenue. At year-end, the company has applied three treatments for the customer. c. Unearned Rent Revenue. On September 1, a client paid the company $24,000 cash for six months of rent in advance and took occupancy immediately. The company recorded the cash as Unearned Rent Revenue. aw View transaction list Journal entry worksheet 1 The Krug Company collected $6,000 rent in advance on November 1, debiting Cash and crediting Unearned Rent Revenue. The tenant was paying 12 months' rent in advance and occupancy began November 1. Note: Enter debits before credits Transaction General Journal Debit Credit < Prev 5 of 10 Next > 5 ints eBook Hint Print References Record adjusting journal entries for each separate case below for year ended December 31. Assume no other adjusting entries are made during the year. a. Unearned Rent Revenue. The Krug Company collected $6,000 rent in advance on November 1, debiting Cash and crediting Unearned Rent Revenue. The tenant was paying 12 months' rent in advance and occupancy began on November 1. b. Unearned Services Revenue. The company charges $75 per insect treatment. A customer paid $300 on October 1 in advance for four treatments, which was recorded with a debit to Cash and a credit to Unearned Services Revenue. At year-end, the company has applied three treatments for the customer. c. Unearned Rent Revenue. On September 1, a client paid the company $24,000 cash for six months of rent in advance and took occupancy immediately. The company recorded the cash as Unearned Rent Revenue. View transaction list Mc Graw Hill Journal entry worksheet 1 2 3 The company charges $75 per insect treatment. A customer paid $300 on October 1 in advance for four treatments, which was recorded with a debit to Cash and a credit to Unearned Services Revenue. At year-end, the company has applied three treatments for the customer. Note: Enter debits before credits. Transaction b. General Journal Debit Credit < Prev 5 of 10 Next > ok nt Record adjusting journal entries for each separate case below for year ended December 31. Assume no other adjusting entries are made during the year. a. Unearned Rent Revenue. The Krug Company collected $6,000 rent in advance on November 1, debiting Cash and crediting Unearned Rent Revenue. The tenant was paying 12 months' rent in advance and occupancy began on November 1. b. Unearned Services Revenue. The company charges $75 per insect treatment. A customer paid $300 on October 1 in advance for four treatments, which was recorded with a debit to Cash and a credit to Unearned Services Revenue. At year-end, the company has applied three treatments for the customer. c. Unearned Rent Revenue. On September 1, a client paid the company $24,000 cash for six months of rent in advance and took occupancy immediately. The company recorded the cash as Unearned Rent Revenue. int ences View transaction list Journal entry worksheet 2 On September 1, a client paid the company $24,000 cash for six months of rent in advance and took occupancy immediately. The company recorded the cash as Unearned Rent Revenue. Note: Enter debits before credits. Transaction G General Journal Debit Credit < Prev 5 of 10 Next > Molly Mocha employs one college student every summer in her coffee shop. The student works the five weekdays and is paid on the following Monday. (For example, a student who works Monday through Friday, June 1 through June 5, is paid for that work on Monday, June 8.) The coffee shop makes an adjusting entry each month to show salaries earned but unpaid at month-end. The student works the last week of July, which is Monday, July 28, through Friday, August 1. If the student earns $120 per day, what adjusting entry must the coffee shop make on July 31 to correctly record accrued salaries expense for July? View transaction list Journal entry worksheet < 1 Record the salaries incurred but not yet paid. Note: Enter debits before credits. Date July 31 General Journal Debit Credit Record entry Clear entry View general journal < Prev 6 of 10 Next >