Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need these journal entries, a bit confused i have them done bht meed clarification beginning balance of supplies is 5300 DEL INS 5. Record adjusting

need these journal entries, a bit confused i have them done bht meed clarification
image text in transcribed
beginning balance of supplies is 5300
DEL INS 5. Record adjusting entries. (journal entries). These are entries made at the end of a period a) Depreciation for the year on the equipment is $6,000. You do not have to calculate anything, you are given the amount of depreciation expense and accumulated depreciation...you just need to put it in a journal entry. b) Supplies remaining on hand at the end of the year equal $1,100. What amount of supplies did they have in total (what they started with + any amounts purchased during the year)? Now, use that and the ending balance given here to determine the amount "used up". What you used up is your expense. You'll also want to reduce the supplies (asset) account by the amount used up. c) of the $5,000 paid in advance by customers, $3,500 of the work is provided by the end of the year. So how much did the company "earn"? Think about when a company can record revenue...when they earn it! d) Adjust the prepaid rent account. (Recall that you paid for an entire year's worth on Jan 1 and now that it is the end of the year, you have "used up" all of it.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Routledge Companion To Fair Value In Accounting

Authors: Gilad Livne

1st Edition

0367656132, 9780367656133

More Books

Students also viewed these Accounting questions

Question

Describe sources of ethical guidance.

Answered: 1 week ago