Help Exercise 3-1 Adjusting and paying accrued wages LO P1 Pablo Management has three part-time employees, each of whom earns $220 per day. They are paid on Fridays for work completed Monday through Friday of the same week. Near year-end, the three employees through Friday, January 2, 3, and 4. New Year's Day. January 1) was an unpaid holiday worked Monday, December 31, and Wednesday 1. Prepare the year-end adjusting entry for wages expenses 2. Prepare the journal entry to record payment of the employees' wages on Friday, January 4 Journal entry worksheet References Record adjusting entry on Monday, December 31. Date 31 epaie the joumal entry to record payment of the employees' wag es on Friday, Januar View transaction list Journal entry worksheet Record payment of the employees wages on Friday, January 4. Note: Enter debits before credits General Journl DebitCredit Date January 04 Exercise 3-3 Preparing adjusting entries LO P1 a. Depreclation on the companys equipment for 2017 is computed to be $13,000. b. The Prepaid Insurance account had a $9,000 debit balance at December 31, 2017, before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $1,720 of unexpired insurance coverage remains c. The Office Supplies account had a $250 debit balance on December 31, 2016; and $2,680 of office supplies were purchased during the year. The December 31, 2017, physical count showed $295 of supplies avallable. d. Two-thirds of the work related to $12,000 of cash received in advance was performed this perlod. e. The Prepaid Insurance account had a $5,400 debit balance at December 31, 2017, before adjusting for the costs of any expired coverage. An analysis of insurance policies showed that $3,680 of coverage had expired f. Wage expenses of $1,000 have been incurred but are not paid as of December 31, 2017. Prepare adjusting journal entries for the year ended (date of) December 31, 2017, for each of these separate situations. ournal entry worksheet 6 ion on the company's equipment for 2017 is computed to be $13,000 Note: Enter Prev 2of 8::: Next> Journal entry worksheet 5 6 The prepaid insurance account had a $9,000 debit balance at December 3:1 2017, before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $1,720 of unexpired insurance coverage remains. Note: Enter debits before credits. Transaction General Journal Debit Credit b. Record entry Clear entry View general journal Journal entry worksheet 2 4. 5 6 The Office Supplies account had a $250 debit balance on December 31, 2016; and $2,680 of office supplies were purchased during the year. The December 31, 2017, physical count showed $295 of supplies available. Note: Enter debits before credits. Transaction l Journal Debit Credit C. Clear entry View general journal Record entry View transaction list Journal entry worksheet 2 3 6 Two-thirds of the work related to $12,000 of cash received in advance was performed this period. Note: Enter debits before credits. Transaction General Journal Debit Credit d. Record entry Clear entry View general journal View transaction list ok Journal entry worksheet ces The prepaid insurance account had a $5,400 debit balance at December 31, 2017, before adjusting for the costs of any expired coverage. An analysis of insurance policies showed that $3,680 of coverage had expired. Note: Enter debits before credits. Transaction General Journal Debitc Credit e. Record entry Clear entry View general journal Journal entry worksheet 2 4 5 Wage expenses of $1,000 have been incurred but are not paid as of December 31, 2017. Note: Enter debits before credits ra General Journal Debit Credit Record entry Clear entry View general journal
