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I am struggling with homework assignments. Not sure why i have CP3-2 and P-2. Discussion Question Requirements: Locate the Comprehensive Problems at the end of

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I am struggling with homework assignments. Not sure why i have CP3-2 and P-2.

Discussion Question Requirements:

  1. Locate the Comprehensive Problems at the end of the Chapter.

I am working on compressible problem CP3-2

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CP 3-2 The following unadjusted accounts are extracted from the general ledger of A Corp. at December 31, 2019: Depreciation Expense - Acc. Dep'n - Truck 184 Truck 624 Truck 194 10,000 1,300 1,300 Additional Information: The truck was purchased January 1, 2019. It has an estimated useful life of 4 years. Required: Prepare the needed adjusting entry at December 31, 2019.P 3-2 The unadjusted trial balance of Lukas Films Corporation includes the following account balances at December 31, 2019, its fiscal year-end. Assume all accounts have normal debit or credit balances as applicable. Prepaid rent 5 1 500 Equipment 2 400 Unearned advertising revenue 1,000 Prepaid insurance 900 Unused supplies 500 Telephone expense 025 Wages expense 15,000 The following information applies at December 31: a. A physical count of supplies indicates that $200 of supplies have not yet been used at December 31 CHAPTER THREE / Financial Accounting and the Use of Adjusting Entries First US Edition b. A $75 telephone bill for December has been received but not recorded. C. One day of wages amounting to $125 remains unpaid and unrecorded at December 31; the amount will be included with the first Friday payment in January. d. The equipment was purchased December 1; it is expected to last 2 years. No depreciation has yet been recorded. e. The prepaid rent is for December 2019, and January and February 2020; rent is $500 per month. f. $300 of the unearned advertising revenue has been earned at December 31. g. The $900 amount in Prepaid Insurance is for a one-year policy, effective July 1, 2019. Required: Prepare all necessary adjusting entries at December 31, 2019. General ledger account numbers and descriptions are not needed

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