Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Required information (The following information applies to the questions displayed below. 1.66 points eBook Hint Print a. Wages of $13,000 are earned by workers but
Required information (The following information applies to the questions displayed below. 1.66 points eBook Hint Print a. Wages of $13,000 are earned by workers but not paid as of December 31. b. Depreciation on the company's equipment for the year is $11,800. c. The Supplies account had a $390 debit balance at the beginning of the year. During the year, $4,898 of supplies are purchased. A physical count of supplies at December 31 shows $540 of supplies available. d. The Prepaid Insurance account had a $5,000 balance at the beginning of the year. An analysis of insurance policies shows that $2,300 of unexpired insurance benefits remain at December 31. e. The company has earned (but not recorded) $600 of interest revenue for the year ended December 31. The interest payment will be received 10 days after the year-end on January 10. f. The company has a bank loan and has incurred (but not recorded) interest expense of $4,500 for the year ended December 31. The company will pay the interest five days after the year-end on January 5. References For each of the above separate cases, prepare adjusting entries required of financial statements for the year ended December 31. View transaction list View journal entry worksheet II Mc Graw Hill Accumulated depreciation Equipment Cash Depreciation expense-Equipment Equipment Insurance expense Interest expense Accumulated depreciation Equipment Cash Depreciation expense-Equipment Equipment Insurance expense Interest expense Interest payable Interest receivable Interest revenue Prepaid insurance Services revenue Supplies Supplies expense Unearned revenue Wages expense Wages payable
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started