Question 1

Question 2

The unadjusted trial balanc. ITt (Click the icon to view Read the requirements. Requirement 1. Journalize a. As of December 31, Lexil Data table More info Adjustment data at December 31 follow: a. As of December 31, Lexington had $1,200 of Prepaid Insurance remaining. b. At the end of the month, Lexington had $900 of office supplies remaining. c. Depreciation on the building is $2,100. d. Lexington pays its employees weekly on Friday. Its employees eam $1,000 for a five-day workweek. December 31 falls on Tuesday this year. e. On November 20 , Lexington contracted to perform services for a client receiving $3,000 in advance. Lexington recorded this receipt of cash as Unearned Revenue. As of December 31, Lexington has $2,100 still unearned. The unadjusted triat balance of Lexington Inn Company at December 31, 2024, and the data needed for the adjustments follow. (Click the icon to viow the unadjusted trial balance) (i) (Click the icon to view the adjustment data) Read the requirements Requirement 1. Journalize the adjusting entries. (Record debits first, then credits. Select the explanation on the last fine of the journat entry table.) a. As of December 31, Lexington had $1,200 of Prepaid Insurance femaining. Requirements 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 Requirements 1. Journalize the adjusting entry needed on December 31 for each of the items affecting Laughter Landscaping. Assume Laughter records adjusting entries only at the end of the year. 2. Journalize the subsequent journal entries for adjusting entries a,d, and g. Laughter Landscasing has oodected the following das for the December 31 adeating entrins Fiead the reairements will poy its employees on January 2 More info a. Each Friday, Laughter pays employees for the current week's work. The amount of the weekly payroll is $6,500 for a five-day workweek. This year December 31 falls on a Wednesday. Laughter will pay its employees on January 2. b. On January 1 of the current year, Laughter purchases an insurance policy that covers two years, $4,500. c. The beginning balance of Office Supplies was $4,000. During the year, Laughter purchased office supplies for $5,100, and at December 31 the office supplies on hand total $3,000. d. During December, Laughter designed a landscape plan and the client prepaid $10,000. Laughter recorded this amount as Unearned Revenue. The job will take several months to complete, and Laughter estimates that the company has earned 40% of the total revenue during the current year. e. At December 31, Laughter had earned $3,000 for landscape services completed for Moving On Up Appliances. Moving On Up has stated that it will pay Laughter on January 10. f. Depreciation for the current year includes Equipment, $3,100; and Trucks, $1,700. g. Laughter has incurred $900 of interest expense on a $1,150 interest payment due on January 15