Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question Prepare general journal entries on December 31,2020 to record the following unrelated year-end adjustments. (Show your work for full credit - 12 points) a.

Question Prepare general journal entries on December 31,2020 to record the following unrelated year-end adjustments. (Show your work for full credit - 12 points)
a. Estimated depreciation on office equipment for the year, $5,500.
b. The Prepaid Insurance account has a $6,830 debit balance before adjustment. An examination of insurance policies shows $950 of insurance expired.
c. The Prepaid Insurance account has a $4,800 debit balance before adjustment. An examination of insurance policies shows $1,200 of unexpired insurance.
d. The company has three office employees who each earn $150 per day for a five- day workweek that ends on Friday. The employees were paid on Friday, December 26, and have worked full days on Monday, Tuesday, and Wednesday, December 29, 30, and 31.
e. On November 1, the company received 6 months' rent in advance from a tenant whose rent is $900 per month. The $5,400 was credited to the Unearned Rent account.
f. The company collects rent monthly from its tenants. One tenant whose rent is $950 per month has not paid his rent for December.
image text in transcribed
Prepare general journal entries on December 31,2020 to record the following unrelated year-end adjustments. (Show your work for full credit - 12 points) a. Estimated depreciation on office equipment for the year, $5,500. b. The Prepaid Insurance account has a $6,830 debit balance before adjustment. An examination of insurance policies shows $950 of insurance expired. c. The Prepaid Insurance account has a $4,800 debit balance before adjustment. An examination of insurance policies shows $1,200 of unexpired insurance. d. The company has three office employees who each earn $150 per day for a five- day workweek that ends on Friday. The employees were paid on Friday, December 26, and have worked full days on Monday, Tuesday, and Wednesday, December 29, 30, and 31. e. On November 1, the company received 6 months' rent in advance from a tenant whose rent is $900 per month. The $5,400 was credited to the Unearned Rent account f. The company collects rent monthly from its tenants. One tenant whose rent is $950 per month has not paid his rent for December

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

Principles Of Auditing

Authors: A. Pandu

1st Edition

8189630822, 978-8189630829

More Books

Students also viewed these Accounting questions