Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Prepare adjusting journal entries, as needed for the following items. (If no entry is required for a transaction/event, select No journal entry required in the

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Prepare adjusting journal entries, as needed for the following items. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. The Supplies account shows a balance of $600, but a count of supplies reveals only $230 on hand at year-end. b. The company initially records the payments of all insurance premiums as prepaid insurance. The unadjusted trial balance at year- end shows a balance of $570 in Prepaid Insurance. A review of insurance policies reveals that $120 of insurance is unexpired. c. Employees work Monday through Friday, and salaries of $3,100 per week are paid each Friday. The company's year-end falls on Tuesday d. At year-end, the company received a utility bill for December's electricity usage of $250 that will be paid in early January View transaction list Journal entry worksheet 3 4 1 2 The Supplies account shows a balance of $600, but a count of supplies reveals only $230 on hand at year-end. Note: Enter debits before credits Debit General Journal Transaction Credit Journal entry worksheet 1 2 3 4 > The company initially records the payments of all insurance premiums as prepaid insurance. The unadjusted trial balance at year-end shows a balance of $570 in Prepaid Insurance. A review of insurance policies reveals that $120 of insurance is unexpired. Note: Enter debits before credits. Transaction b General Journal Dobit Credit Record entry Clear entry View general Journal Journal entry worksheet Employees work Monday through Friday, and salaries of $3,100 per week are paid each Friday. The company's year-end falls on Tuesday. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet At year-end, the company received a utility bill for December's electricity usage of $250 that will be paid in early January. Note: Enter debits before credits. Transaction General Journal d Debit Credit Record entry Clear entry View general journal

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

Accounting A Business Perspective

Authors: Roger H. Hermanson, James Don Edwards, Michael W. Maher

7th Edition

0075615851, 978-0075615859

More Books

Students also viewed these Accounting questions

Question

5. Explain how to conduct an appraisal feedback interview.

Answered: 1 week ago

Question

2. Answer the question, Who should do the appraising?

Answered: 1 week ago