[The following information applies to the questions displayed below.]
- Depreciation on the company's wind turbine equipment for the year is $5,600.
- The Prepaid Insurance account for the solar panels had a $2,600 debit balance at December 31 before adjusting for the costs of any expired coverage. Analysis of prepaid insurance shows that $900 of unexpired insurance coverage
- The company received $4,800 cash in advance for sustainability consulting work. As of December 31, one-third of the sustainability consulting work had been performed.
- As of December 31, $1,800 in wages expense for the organic produce workers has been incurred but not yet paid.
- As of December 31, the company has earned, but not yet recorded, $460 of interest revenue from investments in socially responsible bonds. The interest revenue is expected to be received on January 12.
For each of the above separate cases, prepare the required December 31 year-end adjusting entries.
For each of the above separate cases, determine the financial statement impact of each required year-end adjusting entry. Fill in the table below by indicating the amount and direction ((+) increase or (-) decrease) of the effect.
Journal entry worksheet 5 Depreciation on the company's wind turbine equipment for the year is $5,600. Note: Enter debits before credits. Required information [The following information applies to the questions displayed below] a. Depreciation on the company's wind turbine equipment for the year is $5,600. b. The Prepaid Insurance account for the solar panels had a $2,600 debit balance at December 31 before adjusting for the costs of any expired coverage. Analysis of prepaid insurance shows that $900 of unexpired insurance coverage remains at year-end. c. The company received $4,800 cash in advance for sustainability consulting work. As of December 31 , one-third of the sustainabitity consulting work had been performed. d. As of December 31,$1,800 in wages expense for the organic produce workers has been incurred but not yet paid. e. As of December 31 , the company has earned, but not yet recorded, $460 of interest revenue from investments in socially responsible bonds. The interest revenue is expected to be recelved on January 12. For each of the above separate cases, determine the financial statement impact of each required year-end adjusting entry. Fill in the table below by indicating the amount and direction ((t) increase or () decrease) of the effect. Required information [The following information applies to the questions displayed below.] a. Depreciation on the company's wind turbine equipment for the year is $5,600. b. The Prepaid Insurance account for the solar panels had a $2,600 debit balance at December 31 before adjusting for the costs of any expired coverage. Analysis of prepaid insurance shows that $900 of unexpired insurance coverage remains at year-end. c. The company received $4,800 cash in advance for sustainability consulting work. As of December 31 , one-third of the sustainability consulting work had been performed. d. As of December 31,$1,800 in wages expense for the organic produce workers has been incurred but not yet paid. e. As of December 31, the company has earned, but not yet recorded, $460 of interest revenue from investments in socially responsible bonds. The interest revenue is expected to be received on January 12. For each of the above separate cases, prepare the required December 31 year-end adjusting entries: Journal entry worksheet As of December 31, the company has earned, but not yet recorded, $460 of interest revenue from investments in socially responsible bonds. The interest revenue is expected to be received on January 12. Note: Enter debits before credits. Journal entry worksheet As of December 31,$1,800 in wages expense for the organic produce workers has been incurred but not yet paid. Note: Enter debits before credits. Journal entry worksheet Prepaid Insurance account for the solar panels had a $2,600 debit balance at December 31 before adjusting for the costs of any expired coverage. Analysis of prepaid insurance shows that $900 of unexpired insurance coverage remains at year-end. Note: Enter debits before credits. Journal entry worksheet The company received $4,800 cash in advance for sustainability consulting work. As of December 31, one-third of the sustainability consulting work had been performed. Note: Enter debits before credits