GLO301 (Algo) - Based on the... LO P1, P2, P3, P4, P5, P6 The unadjusted trial balance of the Photo Sense Company as of December 31 is found on the trial balance tab. The following information is required to prepare the necessary adjusting entries for the Photo Sense Company. 1) The balance in Prepaid insurance represents a 24-month policy that went into effect on December 1. Review the unadjusted balance in Prepaid insurance, and prepare the necessary adjusting entry, if any. 2) Based on a physical count, supplies on hand total $4,200. Review the unadjusted balance in Supplies, and prepare the necessary adjusting entry, if any. 3) The equipment is expected to have an 5-year useful life, and be worth about $11,000 at the end of five years. Review the unadjusted balance in Accumulated depreciation, and prepare the necessary adjusting entry to record the monthly depreciation, if any. 4) On December 26, the client paid a $7,200 60-day fee in advance, covering December 27 to February 24. Review the unadjusted balance in Unearned Consulting Revenue, and prepare the necessary adjusting entry, if any. 5) Photo Sense's employee earns $140 per day for a five-day workweek beginning on Monday and ending on Friday. The employee was last paid on Friday, December 26. Review the unadjusted balance in Salaries expense, and prepare the necessary adjusting entry, if any. 6) In the second week of December, Photo Sense agreed to provide 30 days of consulting services to a local fitness club for a fixed fee of $4,380. The terms of the initial agreement call for Photo Sense to provide services from December 12, through January 10, or 30 days of service. The club agrees to pay Photo Sense $4,380 on January 10, when the service period is complete. Review the unadjusted balance in Consulting revenue, and prepare the necessary adjusting entry, if any. Requirement General Journal View transaction list 1 Journal entry worksheet General Ledger 2 For transactions 1-6, review the unadjusted balance from the Trial Balance and prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. After adjusting the accounts, review the financial statements for accuracy. Date December 31 3 4 Note: Enter debits before credits. Record entry Trial Balance 5 6 The balance in Prepaid insurance represents a 24-month policy that went into effect on December 1. Review the unadjusted balance in Prepaid insurance, and prepare the necessary adjusting entry, if any. Income Statement Account Title Clear entry St of Retained Earnings

GL0301 (Algo) - Based on the... LO P1, P2, P3, P4, P5, P6 The unadjusted trial balance of the Photo Sense Company as of December 31 is found on the trial balance tab. The following information is required to prepare the necessary adjusting entries for the Photo Sense Company. 1) The balance in Prepaid insurance represents a 24-month policy that went into effect on December 1. Review the unadjusted balance in Prepaid insurance, and prepare the necessary odjusting entry. if any. 2) Based on a physical count, supplies on hand total $4,200. Review the unadjusted balance in Supplies, and prepare the necessary adjusting entry, if any. 3) The equipment is expected to have an 5 -year useful life, and be worth about $11,000 at the end of five years. Review the unadjusted balance in Accumulated depreciation, and prepare the necessary adjusting entry to record the monthly depreciation, if any. 4) On December 26, the client paid a \$7,200 60-day fee in advance, covering December 27 to February 24. Review the unadjusted balance in Unearned Consulting Revenue, and prepare the necessary adjusting entry. If any. 5) Photo Sense's employee earns $140 per day for a five-day workweok beginning on Monday and ending on Friday. The employee was last paid on Friday, December 26 . Aleview the unadjusted balance in Salaries expense, and prepare the necessary adjusting entry, if any. 5) in the second week of December, Photo sense agreed to provide 30 doys of consulting services to a local fitness club for a flixed fee of $4,380. The terms of the initial agreement call for Photo Sense to provide services from December 12, through January 10 , or 30 days of service. The club agrees to pay Photo Sense $4,380 on January 10 , when the service period is complete. Review the unadjusted balance in Consulting revenue, and prepare the necessary adjusting entry, if any. Use the drop-downs to select the accounts properly included on the balance sheet. The unadjusted or adjusted Use the drop-downs to select the accounts properly included on the balance sheet. The un for each account, based on your selection. Include all balance sheet accounts, even those with zero balances. The unadjusted trial balance of the Photo Sense Company as of December 31 is found on the trial balance tab. The following information is required to prepare the necessary adjusting entries for the Photo Sense Company. 1) The balance in Prepaid insurance represents a 24 -month policy that went into effect on December 1. Review the unadjusted balance in Prepaid insurance, and prepare the necessary adjusting entry, if any. 2) Based on a physical count, supplies on hand total $4,200. Review the unadjusted balance in Supplies, and prepare the necessary adjusting entry, if any. 3) The equipment is expected to have an 5-year useful life, and be worth about $11,000 at the end of five years. Review the unadjusted balance in Accumulated depreciation, and prepare the necessary adjusting entry to record the monthly depreciation, if any. 4) On December 26 , the client paid a \$7,200 60-day fee in advance, covering December 27 to February 24 . Review the unadjusted balance in Unearned Consulting Revenue, and prepare the necessary adjusting entry, if any. 5) Photo Sense's employee earns \$140 per day for a five-day workweek beginning on Monday and ending on Friday. The employee was last paid on Friday, December 26. Review the unadjusted balance in Salaries expense, and prepare the necessary adjusting entry, if any. 6) In the second week of December, Photo Sense agreed to provide 30 days of consulting services to a local fitness club for a fixed fee of $4,380. The terms of the initial agreement call for Photo Sense to provide services from December 12, through January 10 , or 30 days of service. The club agrees to pay Photo Sense $4,380 on January 10 , when the service period is complete. Review the unadjusted balance in Consulting revenue, and prepare the necessary adjusting entry, if any. Use the drop-downs to select the accounts properly included on the income statement. The unadjusted or adjusted balances will appear for each account, based on your selection. The unadjusted trial balance of the Photo Sense Company as of December 31 is found on the trial balance tab. The following information is required to prepare the necessary adjusting entries for the Photo Sense Company. 1) The balance in Prepaid insurance represents a 24-month policy that went into effect on December 1. Review the unadjusted balance in Prepaid insurance, and prepare the necessary adjusting entry, if any. 2) Based on a physical count, supplies on hand total $4,200. Review the unadjusted balance in Supplies, and prepare the necessary adjusting entry, if any. 3) The equipment is expected to have an 5-year useful life, and be worth about $11,000 at the end of five years. Review the unadjusted balance in Accumulated depreciation, and prepare the necessary adjusting entry to record the monthly depreciation, if any. 4) On December 26 , the client paid a $7,20060-day fee in advance, covering December 27 to February 24 . Review the unadjusted balance in Unearned Consulting Revenue, and prepare the necessary adjusting entry, if any. 5) Photo Sense's employee earns $140 per day for a five-day workweek beginning on Monday and ending on Friday. The employee was last paid on Friday, December 26. Review the unadjusted balance in Salaries expense, and prepare the necessary adjusting entry, if any. 6) In the second week of December, Photo Sense agreed to provide 30 days of consulting services to a local fitness club for a fixed fee of $4,380. The terms of the initial agreement call for Photo Sense to provide services from December 12, through January 10 , or 30 days of service. The club agrees to pay Photo Sense $4,380 on January 10 , when the service period is complete. Review the unadjusted balance in Consulting revenue, and prepare the necessary adjusting entry, if any. The unadjusted or adjusted balances will appear for each account, based on your selection. The unadjusted trial balance of the Photo Sense Company as of December 31 is found on the trial balance tab. The following information is required to prepare the necessary adjusting entries for the Photo Sense Company. 1) The balance in Prepaid insurance represents a 24 -month policy that went into effect on December 1 . Review the unadjusted balance in Prepaid insurance, and prepare the necessary adjusting entry, if any. 2) Based on a physical count, supplies on hand total $4,200. Review the unadjusted balance in Supplies, and prepare the necessary adjusting entry, if any. 3) The equipment is expected to have an 5-year useful life, and be worth about $11,000 at the end of five years. Review the unadjusted balance in Accumulated depreciation, and prepare the necessary adjusting entry to record the monthly depreciation, If any. 4) On December 26 , the client paid a $7,20060-day fee in advance, covering December 27 to February 24 . Review the unadjusted balance in Unearned Consulting Revenue, and prepare the necessary adjusting entry, if any. 5) Photo Sense's employee earns $140 per day for a five-day workweek beginning on Monday and ending on Friday. The employee was last paid on Friday, December 26. Review the unadjusted balance in Salaries expense, and prepare the necessary adjusting entry, if any. 6) In the second week of December, Photo Sense agreed to provide 30 days of consulting services to a local fitness club for a fixed fee of $4,380. The terms of the initial agreement call for Photo Sense to provide services from December 12, through January 10 , or 30 days of service. The club agrees to pay Photo Sense $4,380 on January 10 , when the service period is complete. Review the unadjusted balance in Consulting revenue, and prepare the necessary adjusting entry, if any. For each adjustment, indicate the income statement and balance sheet account affected, and the impact on net income. If an adjustment caused net income to decrease, enter the amount as a negative value. Net income before adjustments can be found on the income statement tab. (Hint: Select unadjusted on the dropdown.) The unadjusted trial balance of the Photo Sense Company as of December 31 is found on the trial balance tab. The following information is required to prepare the necessary adjusting entries for the Photo Sense Company. 1) The balance in Prepaid insurance represents a 24 -month policy that went into effect on December 1. Review the unadjusted balance in Prepaid insurance, and prepare the necessary adjusting entry, if any. 2) Based on a physical count, supplies on hand total $4,200. Review the unadjusted balance in Supplies, and prepare the necessary adjusting entry, if any. 3) The equipment is expected to have an 5-year useful life, and be worth about $11,000 at the end of five years. Review the unadjusted balance in Accumulated depreciation, and prepare the necessary adjusting entry to record the monthly depreciation. if any. 4) On December 26 , the client paid a $7,20060-day fee in advance, covering December 27 to February 24 . Review the unadjusted balance in Unearned Consulting Revenue, and prepare the necessary adjusting entry, if any. 5) Photo Sense's employee earns \$140 per day for a five-day workweek beginning on Monday and ending on Friday. The employee was last paid on Friday, December 26. Review the unadjusted balance in Salaries expense, and prepare the necessary adjusting entry, if any. 6) In the second week of December, Photo Sense agreed to provide 30 days of consulting services to a local fitness club for a fixed fee of $4,380. The terms of the initial agreement call for Photo Sense to provide services from December 12, through January 10 , or 30 days of service. The club agrees to pay Photo Sense $4,380 on January 10 , when the service period is complete. Review the unadjusted balance in Consulting revenue, and prepare the necessary adjusting entry, if any. You may view either the unadjusted or adjusted trial balance by choosing from the drop-down box below. Your cholce will determine the reported values on the financial statement tabs. The unadjusted trial balance of the Photo Sense Company as of December 31 is found on the trial balance tab. The following information is required to prepare the necessary adjusting entries for the Photo Sense Company. 1) The balance in Prepaid insurance represents a 24-month policy that went into effect on December 1. Review the unadjusted balance in Prepaid insurance, and prepare the necessary adjusting entry, if any. 2) Based on a physical count, supplies on hand total $4,200. Review the unadjusted balance in Supplies, and prepare the necessary adjusting entry, if any. 3) The equipment is expected to have an 5-year useful life, and be worth about $11,000 at the end of five years. Review the unadjusted balance in Accumulated depreciation, and prepare the necessary adjusting entry to record the monthly depreciation. if any. 4) On December 26 , the client paid a $7,20060-day fee in advance, covering December 27 to February 24 . Review the unadjusted balance in Unearned Consulting Revenue, and prepare the necessary adjusting entry, if any. 5) Photo Sense's employee earns $140 per day for a five-day workweek beginning on Monday and ending on Friday. The employee was last paid on Friday, December 26. Review the unadjusted balance in Salaries expense, and prepare the necessary adjusting entry, if any. 6) In the second week of December, Photo Sense agreed to provide 30 days of consulting services to a local fitness club for a fixed fee of $4,380. The terms of the initial agreement call for Photo Sense to provide services from December 12 , through January 10 , or 30 days of service. The club agrees to pay Photo Sense $4,380 on January 10 , when the service period is complete. Review the unadjusted balance in Consulting revenue, and prepare the necessary adjusting entry, if any. In chapter 2, we learned how to prepare fournal entries for external transactions; transactions between the company and other entities. In this chapter, we will review the trial balance to see if the balances have remained accurate, or whether they have become inaccurate as a result of internal transactions (i.e. the use of supplies, or the use of insurance coverage). This question will review the unadjusted trial balance presented in chapter 2 , and demonstrate the adjusting entry process used to ensure the accuracy of the general ledger balances prior to the preparation of financial statements. General Journal tab - For transactions 1-6, review the unadjusted balance and prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. General Ledger tab. Each joumal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted or adjusted balances. Trial Balance tab - You may view either the unadjusted or adjusted balances by choosing from the dropdown box below. Your choice will determine the reported values on the financial statement tabs. Income Statement, Statement of Retained earnings, Balance Sheet tabs - The financial statements will display the unadjusted or adjusted balances, based on your selection. Impact on Income tab - For each adjustment, indicate the income statement and balance sheet account affected, and the impact on net income. If an adjustment caused net income to decrease, enter the amount as a negative value. Net income before adjustments can be found on the income statement tab. (Hint: Select unadjusted on the dropdown.) The unadjusted trial balance of the Photo Sense Company as of December 31 is found on the trial balance tab. The following information is required to prepare the necessary adjusting entries for the Photo Sense Company. 1) The balance in Prepaid insurance represents a 24 -month policy that went into effect on December 1 . Review the unadjusted balance in Prepaid insurance, and prepare the necessary adjusting entry, if any. 2) Based on a physical count, supplies on hand total $4,200. Review the unadjusted balance in Supplies, and prepare the necessary adjusting entry, if any. 3) The equipment is expected to have an 5 -year useful life, and be worth about $11,000 at the end of five years. Review the unadjusted balance in Accumulated depreciation, and prepare the necessary adjusting entry to record the monthly depreciation, if any. 4) On December 26, the client paid a $7,20060-day fee in advance, covering December 27 to February 24 . Review the unadjusted balance in Unearned Consulting Revenue, and prepare the necessary adjusting entry, if any. 5) Photo Sense's employee earns $140 per day for a five-day workweek beginning on Monday and ending on Friday. The employee was last paid on Friday, December 26. Review the unadjusted balance in Salaries expense, and prepare the necessary adjusting entry, if any. 6) In the second week of December, Photo Sense agreed to provide 30 days of consulting services to a local fitness club for a fixed fee of $4,380. The terms of the initial agreement call for Photo Sense to provide services from December 12 , through January 10 , or 30 days of service. The club agrees to pay Photo Sense $4,380 on January 10 , when the service period is complete. Review the unadjusted balance in Consulting revenue, and prepare the necessary adjusting entry, if any. For transactions 1-6, review the unadjusted balance from the Trial Balance and prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. After adjusting the accounts, review the financial statements for accuracy. Journal entry worksheet 56 The balance in Prepaid insurance represents a 24-month policy that went into effect on December 1. Review the unadjusted balance in Prepaid insurance, and prepare the necessary adjusting entry, if any. Note: Enter debits before credits. GL0301 (Algo) - Based on the... LO P1, P2, P3, P4, P5, P6 The unadjusted trial balance of the Photo Sense Company as of December 31 is found on the trial balance tab. The following information is required to prepare the necessary adjusting entries for the Photo Sense Company. 1) The balance in Prepaid insurance represents a 24-month policy that went into effect on December 1. Review the unadjusted balance in Prepaid insurance, and prepare the necessary adjusting entry, If any. 2) Based on a physical count, supplies on hand total $4,200. Review the unadjusted balance in Supplies, and prepare the necessary adjusting entry. if any. 3) The equipment is expected to have an 5-year useful life, and be worth about $11,000 at the end of five years. Review the unadjusted balance in Accumulated depreciation, and prepare the necessary adjusting entry to record the monthly depreciation, if any. 4) On December 26 , the client paid a $7,20060-day fee in advance, covering December 27 to February 24 . Review the unadjusted balance in Unearned Consulting Revenue, and prepare the necessary adjusting entry, if any. 5) Photo Sense's employee earns $140 per doy for a five-day workweek beginning on Monday and ending on Friday. The employee was last paid on Friday, December 26. Review the unadjusted balance in Salaries expense, and prepare the necessary adjusting entry, if any. 6) In the second week of December, Photo Sense agreed to provide 30 days of consulting services to a local fitness club for a fixed fee of \$4,380. The terms of the initial agreement call for Photo Sense to provide services from December 12, through January 10 . or 30 days of service. The club agrees to pay Photo Sense $4,380 on January 10 , when the service period is complete. Review the unadjusted balance in Consulting revenue, and prepare the necessary adjusting entry, if any. For transections 1-6, review the unadjusted balance from the Trial Balance and prepare the adjusting entry necessary to correctly report the revenue carned or the expense incurred. After adjusting the accounts, review the financial statements for accuracy. Journal entry worksheet 3 The balance in Prepald insurance represents a 24 -month policy that went into effect on December 1. Review the unadjusted balance in Prepaid insurance, and prepare the necessary adjusting entry, if any. Niste: Enter derbita before creots The unad, usted trial balance of the Photo Sense Company as of December 31 is found on the trial balance tab. The following information is required to prepare the necessary adjusting entries for the Photo Sense Company. 1) The balance in Prepaid insurance represents a 24 -month policy that went into eflect on December 1 . Review the unadjusted balance in Prepaid insurance, and prepare the necessary adjusting entry, if any. 2) Based on a physical count, supplies on hand total $4,200. Roview the unadjusted balance in Supplies, and propare the necessary adjusting entry, if any. 3) The equipment is expected to have an 5 -year useful life, and be worth about $11000 at the end of five years. Review the unadjusted balance in Accumulated depreciation, and prepare the necessary adjusting entry to record the monthly depreciation, if any. 4) On December 26, the client paid a $7,20060-day fee in advance, covering December 27 to February 24 . Review the unadjusted balance in Unearned Consulting Revenue, and prepare the necessary adjusting entry, if any. 5) Photo Sense's employee eaens $140 per day for a five-day workweck beginning on Monday and ending on Friday. The empioyee was last paid on Friday, December 26. Review the unadjusted balance in Salaries expense, and prepace the necessary adjusting entry, if any. 6) In the second week of December. Photo Sense agreed to provide 30 days of consulting services to a local faness club for a fixed fee of $4,380. The terms of the initial agreement call for Photo Sense to provide services from December 12, through January 10 . or 30 days of service. The club agrees to pay Photo Sense $4,380 on January 10, when the service period is complete. Review the unadjusted balance in Consulting revenue, and prepare the necessary adjusting entry, if any. Each journat entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted or adjusted balances