Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

ters 3-4) A Saved Help Save & Exit a. Wages of $7,000 are earned by workers but not paid as of December 31 b. Depreciation

image text in transcribed
ters 3-4) A Saved Help Save & Exit a. Wages of $7,000 are earned by workers but not paid as of December 31 b. Depreciation on the company's equipment for the year is $11,560. c. The Office Supplies account had a $470 debit balance at the beginning of December. During December, $5,371 of office supplies are purchased. A physical count of supplies at December 31 shows $587 of supplies available. d. The Prepaid Insurance account had a $5,000 balance at the beginning of December. 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) $700 of interest revenue for the year ended December 31. The interest payment will be received on 10 days after the year-end January 10. f. The company has a bank loan and has incurred (but not recorded) interest expense of $3,000 for the year ended December 31. The company will pay the interest five days after the year-end on January 5. For each of the above separate cases, prepare adjusting entries required of financial statements for the year ended (date of) December 31 View transaction list Journal entry worksheet 1 2 5 6 o Wages of $7,000 are earned by workers but not paid as of December 31. Note: Enter debits before credits Transaction General Journal Debit Credit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Entrepreneurship

Authors: Andrew Zacharakis, William D Bygrave

5th Edition

9781119563099

Students also viewed these Accounting questions