Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer all parts. ements. * Requirements In the last line of the journa . Journalize the ber 31, Fernvill Insurance Ex Prepaid Insur 1.

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
please answer all parts.
ements. * Requirements In the last line of the journa . Journalize the ber 31, Fernvill Insurance Ex Prepaid Insur 1. Journalize the adjusting entries on December 31 2. The four-column ledger accounts have been opened for you using the unadjusted trial balance. Post the adjusting entries to the ledger accounts. 3. Prepare the adjusted trial balance. 4. Assuming the adjusted trial balance has total debits equal to total credits, does this mean that the adjusting entries have been recorded correctly? Explain. Print Done of them More Info Thing view the unadiy ats analize the adjus 1. Fernville had E ast line of the journal ent A urance Expense paid Insurance c . Adjustment data at December 31 follow a. As of December 31, Fernville had $900 of Prepaid Insurance remaining. b. At the end of the month, Fernville had 5600 of office supplies remaining. . Depreciation on the building is $4,100 d. Femville pays its employees weekly on Friday. Its employees earn $2,600 for a five-day workweek. December 31 falls on Wednesday this year. e. On November 20, Fernville contracted to perform services for a client receiving $2,800 in advance. Fernville recorded this receipt of cash as Unearned Revenue. As of December 31, Fernville has $900 still unearned U month, Fernville Print Done Data Table lance of Fernvill ew the unadjust alize the adjustin Fernville had $ Fernville Inn Company Unadjusted Trial Balance December 31, 2018 last line of the journal entry table.) Acc ance Expense aid Insurance Account Title Cash Accounts Receivable Prepaid Insurance Office Supplies Building Accumulated Depreciation-Building Balance Debit Credit 10,800 16,800 3,500 1,500 420,000 $ 340,000 onth, Fernville ha or enter any nur Print Done Data Table - X ed trial balance of Fernvill icon to view the unadjust quirements. 2,400 last line of the journal entry table at 1. Journalize the adjustin ember 31, Fernville had 59 2,800 95,670 1,550 Acc Insurance Expense Prepaid Insurance Accounts Payable Salaries Payable Unearned Revenue Ferville, Capital Fernville, Withdrawals Service Revenue Salaries Expense Insurance Expense Depreciation Expense-Building Advertising Expense Supplies Expense 17,500 3,300 920 of the month, Fernville ha Total 458,370 $ 458,370 7 any list or enter any nur Print Done

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

Internal Control And Internal Audit In Non Profit Organizations A Practical Model

Authors: Kamal Bayramov

1st Edition

6203464015, 978-6203464016

More Books

Students also viewed these Accounting questions