Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Grant's Graphics has a December 31 year end. Grant's Graphics records adjusting entries on an annual basis. Prepare the adjusting journal entries based on the

image text in transcribed
Grant's Graphics has a December 31 year end. Grant's Graphics records adjusting entries on an annual basis. Prepare the adjusting journal entries based on the following information. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) At the end of the year, the unadjusted balance in the Prepaid Insurance account was $2,990. Based on an analysis of the 1. insurance policies. $2.550 had expired by year end. At the end of the year, the unadjusted balance in the Unearned Revenue account was $2,070. During the last week of December 2. $450 of the related services were performed. 3. On July 1, 2021. Grant signed a note payable for $11,100. The loan agreement stated that interest was 4%. 4. Depreciation for the computer and printing equipment was $1.960 for the year. 5. At the beginning of the year, Grant's had $980 of supplies on hand. During the year, $1,460 of supplies were purchased. A count at the end of the year indicated that $850 of supplies was left on December 31. Between December 28 and December 31 inclusive, three employees worked eight-hour shifts at $13.25 per hour. The employees will be paid for this time worked on January 10, 7. On December 31, it was determined that $6,100 of services had been provided but the bookkeeper did not record it. 6

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_2

Step: 3

blur-text-image_3

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

Operational Profitability Conducting Management Audits

Authors: Robert M. Torok, Patrick J. Cordon

1st Edition

0471172251, 978-0471172253

More Books

Students also viewed these Accounting questions