On January 2, 20X1, Prepaid Rent had a balance of $15,000. At the end of the year, the amount of Prepaid Rent is $4,000. Required: The adjusting entry on December 31, 20X1 would be to debit Rent expense and credit Prepaid Rent for $ [a].

2. Needles pays employees $2,750 in wages per week. Wages are paid each Friday for a 5-day work week. December 31, 20X1 ends on a Tuesday. Required: The adjusting entry on December 31, 20X1 would be to debit Wages expense and credit payable for $ [b].

3. At the beginning of the year, the Supplies account had $850. During the year $5,600 of supplies were purchased. At December 31, 2009, $475 of supplies were on hand. Required: The adjusting entry on December 31, 20X1 would be to debit Supplies expense and credit Supplies for $ [c].

4. On October 1, 20X1, $21,000 was received from customers in advance for services to be performed from October 1, 20X1 to September 30, 20X2. Required: The adjusting entry on December 31, 20X1 would be to debit Unearned Fees and credit Fees earned for $ [d].

1. A company purchases a two - year insurance policy on June 1, 20X1 for $36,000. The adjusting entry on December 31, 20X1 is debit Insurance Expense, $10,500, and credit Prepaid Insurance, for [a].

2. On September 1, 20X1, $6,000 was received from customers in advance for services to be performed from September 20X1 to August 31, 20X2.

Required: The adjusting entry on December 31, 20X1 to record the amount of Fees earned would be: $ [b].

3. At the beginning of the year, 20X1, the Supplies account had $2,850. During the year $15,600 of supplies were purchased. At December 31, 20X1, $650 of supplies were on hand.

Required: The adjusting entry on December 31, 20X1 would be to debit Supplies expense and credit Supplies for $ [c].