{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-21T21:01:32-04:00", "answer_date": "2024-05-21 21:01:32", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1473304", "url": "\/study-help\/questions\/jaworskis-ski-store-is-completing-the-accounting-process-for-its-1473304", "question_creation_date_js": "2024-05-21T21:01:32-04:00", "question_creation_date": "May 21, 2024 09:01 PM", "meta_title": "[Solved] Jaworski's Ski Store is completing the ac | SolutionInn", "meta_description": "Answer of - Jaworski's Ski Store is completing the accounting process for its first year ended December 31, 2021. The transactions | SolutionInn", "meta_keywords": "jaworski,s,ski,store,completing,accounting,process,first,year,ended,december,31", "question_title_h1": " Jaworski's Ski Store is completing the accounting process for its first year ended December 31, 2021. The transactions during 2021 have been journalized and", "question_title": " Jaworski's Ski Store is completing the accounting process for its first", "question_title_for_js_snippet": "Jaworski's Ski Store is completing the accounting process for its first year ended December 31, 2021 The transactions during 2021 have been journalized and posted The following data are available to determine adjusting journal entries a The unadjusted balance in Supplies was $800 at December 31, 2021 The unadjusted balance in Supplies Expense was $0 at December 31, 2021 A year end count showed $120 of supplies on hand b Wages earned by employees during December 2021, unpaid and unrecorded at December 31, 2021, amounted to $3,200 The last paychecks were issued December 28 the next payments will be made on January 6, 2022 The unadjusted balance in Salaries and Wages Expense was $35,000 at December 31, 2021 c A portion of the store's basement is now being rented for $1,050 per month to K Frey On November 1, 2021, the store collected six months' rent in advance from Frey in the amount of $6,300 It was credited in full to Deferred Revenue when collected The unadjusted balance in Rent Revenue was $0 at December 31, 2021 d The store purchased delivery equipment at the beginning of the year The estimated depreciation for 2021 is $1,500, although none has been recorded yet e On December 31, 2021, the unadjusted balance in Prepaid Insurance was $2,700 This was the amount paid in the middle of the year for a two year insurance policy with coverage beginning on July 1, 2021 The unadjusted balance in Insurance Expense was $450, which was the cost of insurance from January 1 to June 30, 2021 f Jaworski's store did some ski repair work for Frey At the end of December 31, 2021, Frey had not paid for work completed amounting to $700 This amount has not yet been recorded as Service Revenue Collection is expected during January 2022 Required For each situation, prepare the adjusting journal entry that Jaworski's should record at December 31, 2021 (If no entry is required for a transaction event, select No Journal Entry Required in the first account field ) Required For each situation, prepare the adjusting journal entry that Jaworski's should record at December 31, 2021 (If no entry is required for a transaction event, select No Journal Entry Required in the first account field ) View transaction list Journal entry worksheet 1 2 3 4 5 Record the adjusting entry for supplies Note Enter debits before credits Transaction General Journal Debit Credit View general journal Record entry Clear entry Required For each situation, prepare the adjusting journal entry that Jaworski's should record at December 31, 2021 (If no entry is required for a transaction event, select No Journal Entry Required in the first account field ) View transaction list Journal entry worksheet 1 2 3 4 5 6 Record the adjusting entry for salaries and wages Note Enter debits before credits Transaction b General Journal Debit Credit Clear entry View general journal Record entry Required For each situation, prepare the adjusting journal entry that Jaworski's should record at December 31, 2021 (If no entry is required for a transaction event, select No Journal Entry Required in the first account field ) View transaction list Journal entry worksheet 1 2 3 4 5 6 Record the adjusting entry for rent Note Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal Required For each situation, prepare the adjusting journal entry that Jaworski's should record at December 31, 2021 (If no entry is required for a transaction event, select No Journal Entry Required in the first account field ) View transaction list Journal entry worksheet 1 2 3 4 5 Record the adjusting entry for depreciation Note Enter debits before credits Transaction d General Journal Debit Credit View general journal Record entry Clear entry Required For each situation, prepare the adjusting journal entry that Jaworski's should record at December 31, 2021 (If no entry is required for a transaction event, select No Journal Entry Required in the first account field ) View transaction list Journal entry worksheet 1 2 3 4 5 Record the adjusting entry for insurance Note Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal Required For each situation, prepare the adjusting journal entry that Jaworski's should record at December 31, 2021 (If no entry is required for a transaction event, select No Journal Entry Required in the first account field ) View transaction list Journal entry worksheet 1 2 3 5 6 Record the adjusting entry for revenues earned, but not yet recorded Note Enter debits before credits Transaction General Journal Debit Credit View general journal Record entry Clear entry", "question_description": "\"image\"image\"image\"image\"image\"image\"image", "transcribed_text": "Jaworski's Ski Store is completing the accounting process for its first year ended December 31, 2021. The transactions during 2021 have been journalized and posted. The following data are available to determine adjusting journal entries: a. The unadjusted balance in Supplies was $800 at December 31, 2021. The unadjusted balance in Supplies Expense was $0 at December 31, 2021. A year-end count showed $120 of supplies on hand. b. Wages earned by employees during December 2021, unpaid and unrecorded at December 31, 2021, amounted to $3,200. The last paychecks were issued December 28; the next payments will be made on January 6, 2022. The unadjusted balance in Salaries and Wages Expense was $35,000 at December 31, 2021. c. A portion of the store's basement is now being rented for $1,050 per month to K. Frey. On November 1, 2021, the store collected six months' rent in advance from Frey in the amount of $6,300. It was credited in full to Deferred Revenue when collected. The unadjusted balance in Rent Revenue was $0 at December 31, 2021. d. The store purchased delivery equipment at the beginning of the year. The estimated depreciation for 2021 is $1,500, although none has been recorded yet. e. On December 31, 2021, the unadjusted balance in Prepaid Insurance was $2,700. This was the amount paid in the middle of the year for a two-year insurance policy with coverage beginning on July 1, 2021. The unadjusted balance in Insurance Expense was $450, which was the cost of insurance from January 1 to June 30, 2021. f. Jaworski's store did some ski repair work for Frey. At the end of December 31, 2021, Frey had not paid for work completed amounting to $700. This amount has not yet been recorded as Service Revenue. Collection is expected during January 2022. Required: For each situation, prepare the adjusting journal entry that Jaworski's should record at December 31, 2021. (If no entry is required for a transaction\/event, select \"No Journal Entry Required\" in the first account field.) Required: For each situation, prepare the adjusting journal entry that Jaworski's should record at December 31, 2021. (If no entry is required for a transaction\/event, select \"No Journal Entry Required\" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 Record the adjusting entry for supplies. Note: Enter debits before credits. Transaction General Journal Debit Credit View general journal Record entry Clear entry Required: For each situation, prepare the adjusting journal entry that Jaworski's should record at December 31, 2021. (If no entry is required for a transaction\/event, select \"No Journal Entry Required\" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 Record the adjusting entry for salaries and wages. Note: Enter debits before credits. Transaction. b General Journal Debit Credit Clear entry View general journal Record entry Required: For each situation, prepare the adjusting journal entry that Jaworski's should record at December 31, 2021. (If no entry is required for a transaction\/event, select \"No Journal Entry Required\" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 Record the adjusting entry for rent. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Required: For each situation, prepare the adjusting journal entry that Jaworski's should record at December 31, 2021. (If no entry is required for a transaction\/event, select \"No Journal Entry Required\" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 Record the adjusting entry for depreciation. Note: Enter debits before credits Transaction d General Journal Debit Credit View general journal Record entry Clear entry Required: For each situation, prepare the adjusting journal entry that Jaworski's should record at December 31, 2021. (If no entry is required for a transaction\/event, select \"No Journal Entry Required\" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 Record the adjusting entry for insurance. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Required: For each situation, prepare the adjusting journal entry that Jaworski's should record at December 31, 2021. (If no entry is required for a transaction\/event, select \"No Journal Entry Required\" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 5 6 Record the adjusting entry for revenues earned, but not yet recorded. Note: Enter debits before credits. Transaction General Journal Debit Credit View general journal Record entry Clear entry", "related_book": { "title": "Fundamental Accounting Principles", "isbn": "9781259566905, 978-0-07-76328, 77862279, 1259566900, 0-07-763289-3, 978-0077862275", "edition": "22nd edition", "authors": "John Wild, Ken Shaw, Barbara Chiappetta", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/441.jpg", "uri": "\/textbooks\/fundamental-accounting-principles-22nd-edition-441", "see_more_uri": "" }, "free_related_book": { "isbn": "1017463875", "uri": "\/textbooks\/apis-mellifica-or-the-poison-of-the-honey-bee-considered-as-a-therapeutic-agent-1st-edition-978-1017463873-236977", "name": "Apis Mellifica Or The Poison Of The Honey Bee Considered As A Therapeutic Agent", "edition": "1st Edition" }, "question_posted": "2024-05-21 21:01:32", "see_more_questions_link": "\/study-help\/questions\/business-human-resource-management-2020-May-22", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/a-rectangular-pontoon-10m-long-7m-broad-25m-deep-444883", "description": "A rectangular pontoon 10m long 7m broad & 2.5m deep weights 686.7KN. 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