Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Marked out of 2100 Pag question Adjusting Entries For each of the following unrelated situations, prepare the necessary adjusting entry in general journal form a
Marked out of 2100 Pag question Adjusting Entries For each of the following unrelated situations, prepare the necessary adjusting entry in general journal form a Unrecorded depreciation on equipment is $1,500 b. The Supplies account has a balance of $3,600. Supplies on hand at the end of the period totaled $1,600 c. On the date for preparing financial statements, an estimated utilities expense of $1,000 has been incurred, but no utility bill has been received d. On the first day of the current month, rent for four months was paid and recorded as a $3,400 debit to Prepaid Rent and a $3,400 credit to Cash Monthly statements are now being prepared e. Nine months ago, Macke insurance Company sold a one-year policy to a customer and recorded the feceipt of the premium by debiting Cash for $1.224 and crediting Unearned Preum Reverse $1,224. No adjusting entries have been prepared during the nine-month period. Annual financial statements are now being prepared 1. At the end of the accounting period, employee wages of $1,200 have been incurred but not paid: At the end of the accounting period, $1,100 of interest has been earned but not yet received on notes receivable that are held e. Nine months ago, Macke Insurance Company sold a one-year policy to a $1,224. No adjusting entries have been prepared during the nine-month per f. At the end of the accounting period, employee wages of $1,200 have been g. At the end of the accounting period, $1,100 of interest has been earned bu a. b. General Journal Description To record depreciation expense. C. To record supplies expense. d. To record accrued utilities expense. e. To record rent expense for the month. To record premium revenue earned. Debit Credit = $ 0 $ 0 4 0 0 A 4 4 4 " 4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 f. " 0 0 0 To record accrued wages at the end of the period. g. 0 0 0 0 To accrue interest earned but not yet received. pleass
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started