i would just like to know if these are right or wrong (if wrong the correct answers)

ACME Distribution, Inc. December 31, 2016 Adjusting Entries Read through each situation below and on the following pages. After completing any necessary calculations prepare the required adjusting journal entry. When preparing the adjusting journal entries. use the account tities from the trial balance of the general ledger Post each of the entries below to the trial balance and calculate the adjusted account balances. 1) A one year insurance policy was purchased on March 31 for a premium of $18,000. In the space below show your calculations to receive full credit Complete the required year-end (December 31, 2016) adjusting entry below. 18000 1123 Debit Credit Account description Insurance expense 4500 1 4500 prepaid insurance Post the above entry to the trial balance in the adjustment columns 2) The company's employees are paid weekly and it is open for business Monday through Friday each week. The employees have been paid through Friday December 23. The total payroll for all employees is $925 per day and they are paid for all holidays occuring during the work week. In the space below show your calculation of the amount due to receive full credit. Record the adjustment to accrue the salary expense through December 31 (ignore the effect of any related payroll taxes). das. $925 Credit Debit 7400 Account description salaries expense Salaries payable Post the above entry to the trial balance in the adjustment columns ACME Distribution, Inc. December 31, 2016 Adjusting Entries Continued 3) The company takes a physical inventory count at the end of the year and adjust the winery and out of the there is a difference between the inventory value determined from the actual con compared to the value eneral ledger. The information below includes the number of counted in inventory at the end of the year and the Number of units held in the company's inventory at 12/31/2016 based on a count of the entry 18541 purchases of inventory during the month. A listing of purchases during the month of December are as follows Quantity Unit Date Purchased Cost December 5, 2016 15.05 December 14, 2016 0,500 $335 4.00 20.000 December 21, 2016 7.500 5 Total Cost 50,875 3175 5 5 $ 18841 - 15700 3141 4.50 33,750 33750 113434 The company uses FIFO to account for its inventory cost What is the cost of the company's ending.mox (round answer to nearest dollar and show your calculation below for full credit)? 6560 -3141 47,186 The balance in inventory per the unadjusted trial balance before making any adjustments is $79,327 What is the amount of the December 31 adjustment to Inventory cost (show your calculation below for full 79 327 credit)? 32141 -47186 32141 Complete below the adjusting journal entry necessary for inventory: Account description Debit Credit 32141 Inventory cou 132141 Post the above entry to the trial balance in the adjustment columns 31, 2016 Adjusting Entries Continued 4) The company has estimated based on historical information, that 4.5% of its accounts recevable will ultimately not be collected. Therefore, they provide an allowance for bad debts at that level Calculate the appropriate amount for the allowance at December 31, 2016 Accounts receivable balance per the unadjusted trial balance $ 42400 Estimated allowance amount (Round answer to the nearest dollar and show your calculation below for full credit). 42400. 045=1906 1908 Amount of adjustment needed to the allowance account (Show your calculation below to receive full credit). 1908 4200. 045 Complete below the adjusting journal entry necessary for the allowance for bad debts Account description Debit Credit bad dexot expense 1908 allowance for bad 1966 Post the above entry to the trial balance in the adjustment columns 2016 Adjusting Entries Continued 5) On July 31, 2016 the company purchased new warehouse equipment in the amount of $50,000. No depreciation has been recorded yet in 2016 for this new asset . It is estimated to have a useful life of 8 years and a salvage value of $5,000 What is the depreciation expense for 2016 using the straight line method? (Round answer to the nearest dollar and show your calculation below for full credit) 2344 (50pco 5000/8=5625 8 5625.5/12--2343,75 5112 0.41667 Complete below the adjusting journal entry necessary for depreciation: Account description Debit Credit 134141 depreciation experte Lact, depreciation equipment 2344 Post the above entry to the trial balance in the adjustment columns ACME Distribution December 31, 2016 Adjusting Entries Continued 6) The company issued a $75,000 bond dated August 1, 2016 to finance the purchase of warehouse equipment and provide the company additional cash. The bond has a contractual interest rate of 6.8% and was issued at par. The bond matures in 10 years and pays interest on July 31 and January 31 each year. What is the amount of interest to be accrued at December 31, 2016? (Round answer to nearest dollar and show your calculation below for full credit). 2125 ( 75000. 068) / 125 Complete below the adjusting joumal entry necessary for accrued interest Account description Interest expense Debit Credit Interest payable 2125 2125 Post the above entry to the trial balance in the adjustment columns