Tableau DA 3-2: Exercise, Preparing adjusting entries LO P1, P2, P3, P4
Roland Company began operations on December 1 and needs assistance in preparing December 31 financial statements, including its year-end adjustments. The Tableau dashboard is provided to assist in the work.
1. Record the journal entries required for December, excluding the December 31 year-end adjusting entries. 2. Record the December 31 year-end adjusting entries for (a) prepaid insurance, (b) supplies, (c) accrued wages, (d) accrued revenue, and (e) unearned revenue. 3. Record the journal entries required for January.
Selected December-January Transactions Purchased Insurance Started Work for Telo Dec. 31 Year-End Finished Work for Telo 1 1 Dec 1 Dec 7 Dec 13 Dec 24 Jan 5 Jan 12 1 I 1 Purchased Supplies Received Cash in Advance Wages Paid Additional Information as of December 31 Telo Job Completion at Year-End ABX Job Completion at Year-End Telo 60% Complete ABX 25% Complete Supplies Remaining at Year-End Wages Earned By Workers but not yet Paid at Year-End Selected December-January Transactions Started Work for Telo Dec. 31 Year-End Finished Work for Telo Purchased Insurance Dec 1 Jan 12 Dec 7 Dec 13 Dec 24) Jan 5 December 1 Prepaid a 24 month insurance policy (coverage starting immediately) for $2,400 cash. Purchased Supplies Received Cash in Advance Wages Paid Selected December-January Transactions Started work for Telo Dec. 31 Year-End Finished Work for Telo Purchased Insurance Dec 1 Dec 7 Dec 13) Dec 24 Jan 5 Jan 12) December 7 Purchased supplies for $2,000 cash. Purchased Supplies Received Cash in Advance Wages Paid Additional Information as of December 31 Selected December-January Transactions Started Work for Telo Dec. 31 Year-End Finished Work for Telo Purchased Insurance Dec 1 Dec 7 Dec 13 ) Dec 24 Jan 5 Jan 12) December 13 Agreed to do $10,000 worth of work for Telo over the next 30 days. Payment is to be received when the work is completed on Jan. 12. Purchased Supplies Received Cash in Advance Wages Paid Additional Information as of December 31 Selected December-January Transactions Started Work for Telo Dec. 31 Year-End Finished Work for Telo Purchased Insurance Dec 1 Dec 7 Dec 13 Dec 24) Jan 5 Jan 12 December 24 Received $4,000 cash in advance to perform work for ABX over the next four weeks. Purchased Supplies Received Cash in Advance Wages Paid Additional Information as of December 31 Selected December-January Transactions Started Work for Telo Dec. 31 Year-End Finished Work for Telo Purchased Insurance Dec 1 Dec 7 Dec 13 Dec 24) Ian 12 January 5 Paid wages of $800 cash to workers. Purchased Supplies Received Cash in Advance Wages Paid Additional Information as of December 31 Selected December-January Transactions Started Work for Telo Dec. 31 Year-End Finished Work for Telo Purchased Insurance Dec 1 Dec 7 Dec 13 Dec 24) Jan 5 Jan 12 January 12 Received $10,000 cash from Telo for work performed over the last 30 days. Purchased Supplies Received Cash in Advance Wages Paid Additional Information as of December 31 Required 1 Required 2 Required 3 Record the journal entries required for December, excluding the December 31 year-end adjusting entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet > Record the purchase of insurance coverage. Note: Enter debits before credits. Debit Credit Date Dec 01 General Journal Prepaid insurance Cash 2,400 2.400 Record entry Clear entry View general journal Required 1 Required 2 > Required 1 Required 2 Required 3 Record the journal entries required for December, excluding the December 31 year-end adjusting entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the purchase of supplies. Note: Enter debits before credits. General Journal Credit Date Dec 07 Debit 2,000 Supplies Cash 2,000 Record entry Clear entry View general journal Required 1 Required 2 Required 3 Record the journal entries required for December, excluding the December 31 year-end adjusting entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the $10,000 worth of work agreed for Telo over the next 30 days. Note: Enter debits before credits. General Journal Debit Credit Date Dec 13 Record entry Clear entry View general journal Required 1 Required 2 Required 3 Record the journal entries required for December, excluding the December 31 year-end adjusting entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the cash received for services to be performed. Note: Enter debits before credits. General Journal Debit Credit Date Dec 24 Record entry Clear entry View general journal Required 1 Required 2 > Required 1 Required 2 Required 3 Record the December 31 year-end adjusting entries for (a) prepaid insurance, (b) supplies, (c) accrued wages, (d) accrued revenue, and (e) unearned revenue. View transaction list Journal entry worksheet Record the insurance coverage that expired. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entry Clear entry View general journal Required 1 Required 2 Required 3 Record the December 31 year-end adjusting entries for (a) prepaid insurance, (b) supplies, (c) accrued wages, (d) accrued revenue, and (e) unearned revenue. View transaction list Journal entry worksheet Record the supplies used. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entry Clear entry View general journal Required 1 Required 2 Required 3 Record the December 31 year-end adjusting entries for (a) prepaid insurance, (b) supplies, (c) accrued wages, (d) accrued revenue, and (e) unearned revenue. View transaction list Journal entry worksheet Record the accrued wages of $500. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entry Clear entry View general journal Required 1 Required 2 Required 3 Record the December 31 year-end adjusting entries for (a) prepaid insurance, (b) supplies, (c) accrued wages, (d) accrued revenue, and (e) unearned revenue. View transaction list Journal entry worksheet Required 1 Required 2 Required 3 Record the December 31 year-end adjusting entries for (a) prepaid insurance, (b) supplies, (c) accrued wages, (d) accrued revenue, and (e) unearned revenue. View transaction list Journal entry worksheet > Record the revenue earned for services provided to ABX. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entry Clear entry View general journal Required 1 Required 2 Required 3 Record the journal entries required for January. View transaction list Journal entry worksheet Record the cash payment of wages assuming no reversing entries are recorded. Note: Enter debits before credits. General Journal Debit Credit Date Jan 05 Record entry Clear entry View general journal
