Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Garvey Company's unadjusted trial balance includes the following account balances as of December 31, 2015: Credits Debits $ 71,770 127,700 1.680 151,900 9,650 55.700 304,400

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Garvey Company's unadjusted trial balance includes the following account balances as of December 31, 2015: Credits Debits $ 71,770 127,700 1.680 151,900 9,650 55.700 304,400 Cash Accounts receivable Interest receivable Supplies Prepaid insurance Notes Receivable (short-term) Equipment Accumulated Depreciation Equipment Accounts payable Salaries and Wages Payable Unearned revenue Notes Payable (long-term) Common Stock Retained eamings Service revenue Interest revenue Supplies Expense Repair and Maintenance Expense Rent Expense Depreciation Expense Insurance Expense Salaries and Wages Expense $ 70.600 113,600 23.500 11,100 95,000 237.000 156.800 44,300 23,800 29,250 19,700 3.050 Totals S775,700 $775,700 The following data are available to determine adjusting entries A) Insurance purchased at the beginning of July for $9.650 provided coverage for twelve months (July 2015 through June 2016) The insurance coverage for July through December totaling 54.825 has now been B) The company estimates $0.100 in depreciation each year. C) Account showed 595.200 of supplies on hand at the end of the year. D) An additional $450 of interest has been eamed but has not yet been uncollected on the outstanding notes receivable El Services in the amount of 56.550 were performed for customers who had previously paid in advance Services in the amount of $3,000 were performed these services have not yet been billed or recorded Required 2. Prepare the susting entries that are required at the end of the period. If no entry is required for a transaction event, select "No Journal Entry Required in the first account field The following data are available to determine adjusting entries: A) Insurance purchased at the beginning of July for $9,850 provided coverage for twelve months (July 2015 through June 2016). The insurance coverage for July through December totaling $4,825 has now been used. B) The company estimates $9,100 in depreciation each year. C) Account showed $05,200 of supplies on hand at the end of the year. D) An additional $450 of interest has been earned but has not yet been uncollected on the outstanding notes receivable. E) Services in the amount of $6.550 were performed for customers who had previously paid in advance. F) Services in the amount of $3,000 were performed; these services have not yet been billed or recorded. Required: a. Prepare the adjusting entries that are required at the end of the period. (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

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

Recommended Textbook for

Merchandising Math A Managerial Approach

Authors: Doris Kincade, Fay Gibson, Ginger Woodard

1st Edition

0130995886, 978-0130995889

More Books

Students also viewed these Accounting questions