Question
Journal 1-6 2- Depreciation on the companys equipment for the year is $11,200. 3-The Supplies account had a $310 debit balance at the beginning of
Journal 1-6 2- Depreciation on the companys equipment for the year is $11,200.
3-The Supplies account had a $310 debit balance at the beginning of the year. During the year, $4,801 of supplies are purchased. A physical count of supplies at December 31 shows $530 of supplies available.
4-The Prepaid Insurance account had a $5,000 balance at the beginning of the year. An analysis of insurance policies shows that $1,900 of unexpired insurance benefits remain a December 31.
5- The company has earned (but not recorded) $950 of interest revenue for the year ended December 31. The interest payment will be received 10 days after the year-end on January 10.
6-The company has a bank loan and has incurred (but not recorded) an interest expense of $3,000 for the year ended December 31. The company will pay the interest five days after the year-end on January 5.
Required information [The following information applies to the questions displayed below.] a. Wages of $13,000 are earned by workers but not paid as of December 31 . b. Depreciation on the company's equipment for the year is $11,200. c. The Supplies account had a $310 debit balance at the beginning of the year. During the year, $4,801 of supplies are purchased. A physical count of supplies at December 31 shows $530 of supplies available. d. The Prepaid Insurance account had a $5,000 balance at the beginning of the year. An analysis of insurance policies shows that $1,900 of unexpired insurance benefits remain at December 31 . e. The company has earned (but not recorded) $950 of interest revenue for the year ended December 31 . The interest payment will be received 10 days after the year-end on January 10. f. The company has a bank loan and has incurred (but not recorded) interest expense of $3,000 for the year ended December 31 . The company will pay the interest five days after the year-end on January 5. each of the above separate cases, prepare adjusting entries required of financial statements for the year ended December 31. Journal entry worksheet 2356 Wages of $13,000 are earned by workers but not paid as of December 31 . Note: Enter debits before credits. Required information [The following information applies to the questions displayed below.] a. Wages of $13,000 are earned by workers but not paid as of December 31 . b. Depreciation on the company's equipment for the year is $11,200. c. The Supplies account had a $310 debit balance at the beginning of the year. During the year, $4,801 of supplies are purchased. A physical count of supplies at December 31 shows $530 of supplies available. d. The Prepaid Insurance account had a $5,000 balance at the beginning of the year. An analysis of insurance policies shows that $1,900 of unexpired insurance benefits remain at December 31 . e. The company has earned (but not recorded) $950 of interest revenue for the year ended December 31 . The interest payment will be received 10 days after the year-end on January 10. f. The company has a bank loan and has incurred (but not recorded) interest expense of $3,000 for the year ended December 31. The company will pay the interest five days after the year-end on January 5. For each of the above separate cases, analyze each adjusting entry by showing its effects on the accounting equation-specifically, identify the accounts and amounts (including (+) increase or () decrease) for each transaction or eventStep by Step Solution
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