Question
The following information is available regarding the ending balances of the accounts of a company called Certified Carbon Inc. on December 31 before the adjusting
The following information is available regarding the ending balances of the accounts of a company called Certified Carbon Inc. on December 31 before the adjusting entries have been made:
Cash = $12,600
Accounts Receivable = $1,250
Office Supplies = $180
Prepaid Insurance = $240
Office Equipment = $3,400 and Accumulated depreciation office equipment = $600
Accounts Payable = $700
Unearned Revenue = $460
Common Stock = $2,000
Retained Earnings = $2,870
Dividends = $400
Certified Carbon Revenue = $2,900
Wages Expense = $1,500
Rent Expense = $400
a) Determine the value of the closing balance of Prepaid insurance after the following adjusting entry: Insurance that expired during December was $40
b) Determine the adjusting entry for the following transaction: Depreciation for Office Equipment for December totaled $100
c) Determine the adjusting entry for the following transaction: Revenues earned for services performed in December but not billed by the end of the month totaled $300
d) Determine the ending balance for Wages Expense if the Unpaid wages on December 31 totaled $300
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