G1 fx B D E F Simrondeep Kaur Purewal is a riding instructor offering services to a varlety of clients. The following information is needed to record end-of-year adjusting entries. The company only records adjustments at yoat end. Prepare adjusting entries for each of the following transactions. Account titles and amounts are to be selected from the choices found in the drop down pick lists associated with each entry. A check mark will appear beside a correct entry 3 (a) Simrendeep Kaur Purewal Company has a home. The asset records indicato that annual depreciation is $203. GENERAL JOURNAL Accounts Debit Credit Dec. 31 7 8 + 9 10 (b) During the current year some clients began prepaying for future services. Total collections under prepayment plans were $609, of which 40% had been oamed by the end of the year. 11 12 GENERAL JOURNAL Date 13 Accounts Debit Credit 14 Dec. 31 15 16 To recognize eamed portion of client prepayments 17 (c) Simrendeep Kaur Purewal Company advertises on the Intemet. On July 1, the company prepaid $2.197 for a one-year advertising campaign that began immediately. The prepayment was initiall recorded as prepaid advertising 18 GENERAL JOURNAL 19 Date Accounts 20 Debit Credit Identification Problem + Ready G18 x fx B D E F (c) Simrendeep Kaur Purewal Company advertises on the intemet. On July 1, the company prepaid $2,197 for a one-year advertising campaign that began immediately. The prepayment was initial recorded as prepaid advertising. 18 GENERAL JOURNAL 19 Debit Credit Date Accounts 20 Dec. 31 21 22 To record consumption of advertising services to date 23 (d) Services provided to clients, which have not yet been billed amount to $135. 24 GENERAL JOURNAL 25 Date 26 Accounts Debit Credit Dec. 31 27 28 To record eamed, but unbilled services provided to customer. 29 30 (0) Simrendeep Kaur Purewal purchased an annual insurance policy on October 1 for $19. On October 1, the policy was initially recorded as insurance expense. 31 GENERAL JOURNAL 32 Debit Credit Accounts Date 33 Dec. 31 34 35 To adjust insurance expense 36 37 The company began the year with $40,000 of supplies inventory, purchased an additional $75,000 (which was recored as Supplies), and ended the year with $35,000 Identification Problem GENERAL JOURNAL 32 Debit Credit Date Accounts 33 34 Dec 31 35 To adjust insurance expense 36 37 The company began the year with $40,000 of supplies inventory, purchased an additional $75,000 (which was recored as Supplies), and ended the year with $35,000 GENERAL JOURNAL 39 Debit Credit Date Accounts 40 Dec. 31 41 42 To adjust supplies inventory to reflect portion used 43 44 (9) As of December 31, accrued interest on loans owed by Simrendeep Kaur Purewal is $54. 45 GENERAL JOURNAL 46 Debit Credit Date Accounts 47 Dec. 31 48 49 Top record accrued interest on loan 50 51 a Identification A
