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I just need the debits and the credits Ame Companys occounting penod ends of December 31. The following information concerns the adjusting entries to be
I just need the debits and the credits
Ame Companys occounting penod ends of December 31. The following information concerns the adjusting entries to be Recorded into the date o The Ono Supplies account started the year with a $4050 balance. During the year the company purchased supplies for $16.777. which was added to the Office Supplies account. The inventory of supplies available at December 31 totaled $3.564. b. The Prepaid incronice account had a $28.824 dit balance at December 3t before adjusting for the costs olany expired coverage 1 for the year. An analysis of prepaid insurance shows that $20,769 of unexpired insurance coverage remains at year-end c. The company has the employees who eam a total of $1900 in sales each working day. They are paid cach Monday for their work in the five day workweek ending on the previous Friday Assume that December 3115 a Tuesday, and all 15 employees worked the first two days of the week Because New Year's Day isa paid holiday, they will be paid salaries for five full days on Monday, January borw year d. The company purchased a building at the beginning of this year Il cost $685.000 and is expected to have a $45.000 salvage value at the end of its predicted 25 year life. Annun depreciation is $25,600 e. Since the company is not lage enough to occupy the entire building I ownts, It rented space to a tenant al 53300 per month starting on November 1 There was pold in time on November 1 nod the amount received was credited to Rent Revenue Howevet the limit has not paid the December tent. The company has worked out an agreement with the tenant, who has promised to pay both December and January rent in full on January 15 1. On November the company rented space to another tenant for $2.990 per month. The tenant paid five months rent in advance on that date. The payment was recorded with a credit to the Uncurned Revenue account Assume no other adjusting entries are made during the year Required: 1. Use the information to prepare adjusting entries as of December 1 2. Prepare oumal entries to record the first subsequent cash transaction in January of the next year for parts cande Complete this question by entering your answers in the tabs below quired Heged 2 Use information to prepare adjusting entries of December 31. Assume no other ndjusting entries are made during the year View transaction ist View journal entry worksheet Debit General Journal Credit Transaction NO 1 Office suchers opens Office 2 1 Insumo Pradinu 3 Sales Salpable 4 d Deprecatepose-Hulding Accumod cation-Shuning 5 Accounts receivable Ranvenue 1 unnamed ravime Ront loving Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries to record the first subsequent cash transaction in January of the next year for parts c and e. View transaction list View journal entry worksheet 1. No Date General Journal Debit Credit 1 January 06 Salaries payable Salaries expense Cash 2 January 15 Cash Accounts receivable Rent revenueStep by Step Solution
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