Share Comments AutoSaveFF DRESU @ Exercise 3.1 - Spring 2011(1) - Compatibility Mode - Saved to my Mac Home Insert Draw Design Layout References Mailings Review View Tell me what you want to do Times New... 12A N Aa A AA EEVE E A 2 AoBicone AaBbCcDc Peste BDU v * x x AA EEEEEEE A B Code AaBCCI Aabeodee AaBbcc c Strong S ubtitle Title A Eman's Heading Normal Styles Pane In-class Exercise 3.1 1. As of December 31, one month of insurance coverage has expired. (Note: J&L paid $2,400 for 12 months of insurance benefits beginning December 1) 2. J&L takes inventory of unused supplies at December 31, and finds $8,670 of supplies in stock remaining. (Note: J&L purchased 9,720 of supplies in Nov/Dec) J&L purchased office equipment for $26,000 in early November. The office equipment is expected to have a useful life of 4 years and be worth $8,000 at the end of the 4 years. The owner also invested $2,000 worth of computer equipment in the business in early November. The computer equipment is expected to have a 3 year life and be worthless at the end of its life. Record the depreciation for the year (round to nearest month) J&L uses the straight-line method of depreciation. 4. J&L agreed on December 1st to provide consulting services to a client for a fixed fee of $3,000 for 60 days, which was recorded as "Unearned Revenue". As of December 31, 30 days of the contract has expired. 5. J&L employees earn $70/day or $350 for a 5 day workweek. The employees are paid every 2 weeks on Fridays. On December 12 and 26, the employees are paid. The calendar shows 3 working days from Dec 26 - Dec 31. 6. In the second week on December, J&L agreed to provide 30 days of consulting services for a fixed fee of $2,700. The terms call for J&L to provide services from December 12 through January 10. The consulting fee will be collected at end of service period, on January 10. Requirements: For each transaction listed above, record the adjusting journal entry required on Dec 31. Page 1 of 1 286 wards English (United States Focus 3 F = - - + 65%