I will give you thumbs up if you can complete these journal entries for me.. all 10 of them
The Home Perfection Company began operations on December 1, 2019. The unadjusted trial balance of the Home Perfection Company as of December 31, 2019 is found on the trial balance tab. The following information is required to prepare the necessary adjusting entries for the Home Perfection Company found in chapter 3. 1) The balance in Prepaid insurance represents a 24-month policy that went into effect on December 1, 2019. Review the unadjusted balance in Prepaid insurance, and prepare the necessary adjusting entry, if any. 2) Based on a physical count, supplies on hand total $4,500. Review the unadjusted balance in Supplies, and prepare the necessary adjusting entry, if any. 3) The equipment is expected to have a 4-year useful life, and be worth about $9,000 at the end of four years. Review the unadjusted balance in Accumulated depreciation, and prepare the necessary adjusting entry, if any. 4) On December 26, the client paid a $8,400 60-day fee in advance, covering December 27 to February 24. Review the unadjusted balance in Unearned Consulting Revenue, and prepare the necessary adjusting entry, if any. 5) Home Perfection's sole employee earns $150 per day for a five-day workweek beginning on Monday and ending on Friday. The employee was last paid on Friday, December 26. Review the unadjusted balance in Salaries payable, and prepare the necessary adjusting entry, if any. 6) In the second week of December, Home Perfection agreed to provide 30 days of consulting services to a local fitness club for a fixed fee of $3,660. The terms of the initial agreement call for Home Perfection to provide services from December 12, 2019, through January 10, 2020, or 30 days of service. The club agrees to pay Home Perfection $3,660 on January 10, 2020, when the service period is complete. Review the unadjusted balance in Consulting revenue, and prepare the necessary adjusting entry, if any. Prepare the required adjusting and closing entries for the Home Perfection Company. Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 > The balance in Prepaid insurance represents a 24-month policy that went into effect on December 1, 2019. Review the unadjusted balance in Prepaid insurance, and prepare the necessary adjusting entry, if any. Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 Record entry Clear entry View general Journal Journal entry worksheet On December 26, the client paid a $8,400 60-day fee in advance, covering December 27 to February 24. Review the unadjusted balance in Unearned Consulting Revenue, and prepare the necessary adjusting entry, if any. Note: Enter debits before credits. Account Title Debit Credit Date Dec 31 Record entry Clear entry View general Journal Journal entry worksheet In the second week of December, Home Perfection agreed to provide 30 days of consulting services to a local fitness club for a fixed fee of $3,660. The terms of the initial agreement call for Home Perfection to provide services from December 12, 2019, through January 10, 2020, or 30 days of service. Note: Enter debits before credits. Account Title Debit Credit Date Dec 31 Record entry Clear entry View general Journal Journal entry worksheet Prepare the journal entry necessary to close the revenue account(s). Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 Record entry Clear entry View general Journal Journal entry worksheet Prepare the journal entry to close Income Summary. Note: Enter debits before credits. Account Title Debit Credit Date Dec 31 Record entry Clear entry View general Journal Journal entry worksheet The balance in Prepaid insurance represents a 24-month policy that went into effect on December 1, 2019. Review the unadjusted balance in Prepaid insurance, and prepare the necessary adjusting entry, if any. Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 Record entry Clear entry View general Journal Journal entry worksheet On December 26, the client paid a $8,400 60-day fee in advance, covering December 27 to February 24. Review the unadjusted balance in Unearned Consulting Revenue, and prepare the necessary adjusting entry, if any. Note: Enter debits before credits. Account Title Debit Credit Date Dec 31 Record entry Clear entry View general Journal Journal entry worksheet In the second week of December, Home Perfection agreed to provide 30 days of consulting services to a local fitness club for a fixed fee of $3,660. The terms of the initial agreement call for Home Perfection to provide services from December 12, 2019, through January 10, 2020, or 30 days of service. Note: Enter debits before credits. Account Title Debit Credit Date Dec 31 Record entry Clear entry View general Journal Journal entry worksheet Prepare the journal entry necessary to close the revenue account(s). Note: Enter debits before credits. Date Account Title Debit Credit Dec 31 Record entry Clear entry View general Journal Journal entry worksheet Prepare the journal entry to close Income Summary. Note: Enter debits before credits. Account Title Debit Credit Date Dec 31 Record entry Clear entry View general Journal Journal entry worksheet
