Nickleby's Ski Store is completing the accounting process for its first year ended December 31, 2017. The transactions during 2017 have been journalized and posted. The following data are available to determine adjusting journal entries: a. The unadjusted balance in Office Supplies was $900 at December 31, 2017. The unadjusted balance in Supplies Expense was $0 at December 31, 2017. A year-end count showed $110 of supplies on hand. b. Wages earned by employees during December 2017, unpaid and unrecorded at December 31, 2017, amounted to $4,100. The last paycheques were issued December 28; the next payments will be made on January 6, 2018. The unadjusted balance in Wages C.A portion of the store's basement is now being rented for $1.200 per month to K. Frey On November 1, 2017, the store collected six months' rent in advance from Frey in the amount of $7.200. It was credited in full to Deferred Rent Revenue when collected. The unadjusted balance in Rent Revenue was $0 at December 31, 2017 d. The store purchased delivery equipment at the beginning of the year. The estimated depreciation for 2017 is $4,000, although none has been recorded yet. e. On December 31, 2017, the unadjusted balance in Prepaid Insurance was $5,200. This was the amount paid in the middie of the year for a two-year insurance policy, with coverage beginning on July 1, 2017. The unadjusted balance in Insurance Expense was $850, which was the cost of insurance from January 1 to June 30, 2017. Nickleby's store did some ski repair work for Frey. At the end of December 31, 2017, Frey had not paid for work completed, amounting to $800. This amount has not yet been recorded as Repair Shop Revenue. Collection is expected during January 2018 Required: Earlier in 2017, Nickleby's store had already provided, recorded, and collected cash for $5,500 of repair services for other customers. 1. For each of the items listed above, indicate the account names and adjusted balances that should be reported on Nickleby's year- end balance sheet and income statement. Account Adjusted Balance sheet Income statement $ $ 110 790 Required: Earlier in 2017, Nickleby's store had already provided, recorded, and collected cash for $5,500 of repair services for other customers. 1. For each of the items listed above, indicate the account names and adjusted balances that should be reported on Nickleby's year- end balance sheet and income statement Statement Account a Balance sheet Income statement b. Balance sheet Income statement c. Balance sheet Income statement d Balance sheet Income statement e Balance sheet Income statement 1. Balance sheet Income statement Adjusted Balance $ 110 $ 790 $ 4,100 $ 46,100 $ 4,800 $ 2.400 $ 4,000 $ 4,000 $ 3,900 $ 2,150 $ 800 S 6,300 2. For each situation, prepare the adjusting journal entry that should be recorded for Nickleby's at December 31, 2017. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Vlow transaction list Journal entry worksheet 1 2 6 The unadjusted balance in Office Supplies was $900 at December 31, 2017 The unadjusted balance in Supplies Expense was $0 at December 31, 2017. A year-end count showed $110 of supplies on hand. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal
