How to journalize the adjusting entries as of December 31 of the current year?

a.What would the adjusting entry be when Estimated uncollectible accounts at December 31, $16,000, based on an aging of accounts receivable. The balance of Allowance for Doubtful Accounts at December 31 was $2,000 (debit).

Description Debit Credit

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b.What would the adjusting entry be if the physical inventory on December 31 indicated an inventory shrinkage of $3,300.

Description Debit Credit

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c.What would the adjusting entry be ifprepaid insurance expired during the year, $22,820.

Description Debit Credit

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d.What would the adjusting entry be if office supplies used during the year, $3,920.

Description Debit Credit

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e.What would the adjusting entry be if depreciation is computed as follows:

Assets Cost Residual value Acquisition Date Useful life Depreciation method used

Buildings $900,000 $0 January 2 50 ears Double-declining-balance

Office Equip. 246,000 26,000 January 3 5 years Straight-line

Store Equip. $112,000 12,000 July 1 10 years Straight-line

Description Debit Credit

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f.What would the adjusting entry be if a patent costing $48,000 when acquired on January 2 has a remaining legal life of 10 years and is expected to have value for eight years.

Description Debit Credit

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g.What would the adjusting entry be if the cost of mineral rights was $546,000. Of the estimated deposit of 910,000 tons of ore, 50,000 tons were mined and sold during the year.

Description Debit Credit

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h.What would the adjusting entry be if vacation pay expense for December, $10,500.

Description Debit Credit

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i.What would the adjusting entry be if a product warranty was granted beginning December 1 and covering a one-year period. The estimated cost is 4% of sales, which totaled $1,900,000 in December.

Description Debit Credit

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j.What would the adjusting entry be if interest was accrued on the note receivable received on October 17. Assuming 360 days per year.

Description Debit Credit

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