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1 of 2 Homework Practice - Adjusting Entries [ACCT 301 Properties P1 31. Step 1: Determine what the current coloncelle Deewhat the Chalance should Step Record the December 31. try to do 2. Ameno other adjusting entries we made during the year Prepadne. The real teha 5400 or the review of insurance policies and payment shoes that of de remains Prvuldurance. The Prepaid chat tance at the start of the year A review of urance policies and shows 51.540 odpol by end Prepul Rent. On September of the current year, the computer yandant for facilities being cupied that day. The company dood Resto SO For each separate cose below, follow the step process for adjusting the supplies awet December 1. Step : Determine what the current account balance quals. Step 2. Determine what the deepers current account balance should equal. Step 3: Record the December 31 adjusting cetry to get from to step 2. Ameno other usting entries are made during the year Supple. The Supplies account ha dehit fulance to start the year. No upplies were purchased during the current ye. A December 31 physical count show $10 of supplies mining . Supplies The Supplies account has a 500 dichit halance to start the year. Supplies of 3.100 purchased during the current year and debited to the Supplies A December 31 plenica shows of supplies remaining 6. Supplies. The Supplies account has a 54.000 dcbit balance to start the year. During the current year supplies of $9.400 were purchased and debuted to the Supplies account. The inventory of supplies available at December 31 totaled $2.660. On July 1, 2015. Soliman Company pod 1.200 for six months of tune conge. No ano >> have been made to the Prepaid Insurance account, and it is now December 31, 2015. Prepare the desting red nal entry to reflect epition of the ice of December 31, 2015 1. Zaki Compuy has a Supplies account balance of 5.000 on January 1, 2015. During 2015, chased 2.000 of supplies. As of December 31, 2015. a suppliestory shows of applier available. Prepare the adjusting journal entry to correctly report the balance of the Supplies and the Supplies Expone secount as of December 31, 2015 Tachwurse cae below follow the step proceso pusting the acumulated depreciation December Step Dermine whether counce Step 2. Die when Current account bulunes holdap Recond the December notre top Ameri cries are made during the you Armulated Depreciation. The King Tut Cinay Acum Depreco SIX.balance to start the yout. A review of depreches cadut 1460 the per merecended for the you Accumulated precation. The company him only one the track that proche de Mart of this yearThere 4000 had time of five years how to do the end of the five you Accumulated Depreciation. The company has only one finale dhpuche the art of this year. The whole time of you to heed 54.000 the end of the year . Boj Company purchases $20.000 coin my 1. The pupunt hospect Last five years and worth $2.000 the end of that time. They come you con expof.00 de puiester Lee Company has 100 and only 1, 2015. The land explained idy What deprecated in the made with the Law December 1, 2015! Prepaid deferred expenses adjustments P1 Forcach separate ca below, follow the step process for adjusting the prepaid asset account at December 31. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step to step 2. Assume no other adjusting entries are made during the year. . Prepaid Insurance. The Prepaid Insurance account has a 54,700 debit balance to start the year. A review of insurance policies and payments shows that $900 of unexpired insurance remains at year-end b. Prepaid Insurance. The Prepaid Insurance account has a 55.890 dehit halance at the start of the year A review of insurance policies and payments shows 51,040 of insurance has expired by year-end Prepaid Rent. On September of the current year, the company prepaid $24,000 for 2 years of rent for facilities being occupied that day. The company debited Prepaid Rent and credited Cash for $24,000 For cach separate case below, follow the 3-step process for adjusting the supplies asset account at 0536 December 31. Step 1: Determine what the current account balance cquals. Step 2: Determine what the prepaid (deferred) expenses current account balance should cqual. Step 3: Record the December 31 adjusting entry to get from step adjustments to step 2. Assume no other adjusting entries are made during the year P1 - Supplies. The Supplies account has a $300 debit balance to start the year. No supplies were purchased during the current year. A December 31 physical count shows $110 of supplies remaining. b. Supplies. The Supplies account has an S800 debit balance to start the year. Supplies of S2.100 were purchased during the current year and debited to the Supplics account. A December 31 physical count shows S650 of supplies remaining c. Supplies. The Supplies account has a $4.000 debit balance to start the year. During the current year, supplies of $9,400 were purchased and dcbited to the Supplies account. The inventory of supplies available at December 31 totuled 52,660. a. On July 1, 2015, Soliman Company paid $1.200 for six months of insurance coverage. No adjustments Os 3-7 have been made to the Prepaid Insurance account, and it is now December 31, 2015. Prepare the jour Adjusting prepaid expenses nal entry to reflect expiration of the insurance as of December 31, 2015. P1 b. Zaki Company has a Supplies account balance of $5,000 on January 1, 2015. During 2015, it per chased $2.000 of supplies. As of December 31, 2015. a supplies inventory shows $800 of supplies available. Prepare the adjusting journal entry to correctly report the balance of the Supplies account and the Supplies Expense account as of December 31, 2015 Forcach separate case below, follow the 3-step process for adjusting the accumulated depreciation account 05- at December 31, Step 1: Determine what the current account balance equals Step 2. Determine what the accumulated depreciation current account balance should cqual. Step 3: Record the December 31 adjusting entry to get from stopadjustments to stop 2. Assume no other adjusting entries are made during the year. P1 . Accumulated Depreciation. The King Tut Company's Accumulated Depreciation account busa $13.500 balance to start the year. A review of depreciation schedules reveals that $14.600 of deprecia tion expense must be recorded for the year . Accumulated Depreciation. The company has only one fixed asset (track) that it purchased at the start of this year. Tut asset ad cost S44,000, had an estimated life of five years, and is expected to have zero value at the end of the five years. 6. Accumulated Depreciation. The company has only one fixed asset (quipment that it purchased the start of this year. That asset had cos $32,000 had an estimated life of seven years, and is expected to be valued at $4.000 at the end of the seven years. - Borouj Company purchases $20,000 of equipment on January 1, 2015. The equipment is expected to 053 last five year and be worth $2.000 at the end of that time. Prepare the entry to record one year's Adjuting for depreciation depreciation expense of 1.600 for the equipment as of December 31, 2015. 71 b. Lebanon Company purchases $10,000 of land on January 1, 2015. The land is expected to last inde nitely. What depreciation adjustment, if any, should be made with respect to the Land account as of December 31, 20152 Prepaid ferred expenses adjustments P1 Forcach spara cabelow, follow the I-step process for adjusting the prepaid asset account at December 31. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step to step 2. Assume no other adjusting entries are made during the year. Prepaid Insurance. The Prepaid Insurance account has a $4.700 dcbit balance to start the year. A review of insurance policies and payments shows that $900 of unexpired insurance remains at year-end b. Prepaid Insurance. The Prepaid Insurance account has a 55.890 dehit halance at the start of the year A review of insurance policies and payments shows 51,040 of insurance has expired by year-end Prepaid Rent. On September of the current year, the company prepaid $24,000 for 2 years of rent for facilities being occupied that day. The company debited Prepaid Rent and credited Cash for 524.000 For each separate case below, follow the 3-step process for adjusting the supplies asset account at 0536 December 31. Step 1: Determine what the current account balance cquals. Step 2: Determine what the Prepaid (deferred) expenses current account balance should cqual. Step 3: Record the December 31 adjusting entry to get from step adjustments to step 2. Assume no other adjusting entries are made during the year P1 .. Supplies. The Supplies account has a $300 debit balance to start the year. No supplies were purchased during the current year. A December 31 physical count shows $110 of supplies remaining. b. Supplies. The Supplies account has an $800 debit balance to start the year. Supplies of S2.100 were purchased during the current year and debited to the Supplics account. A December 31 physical count shows $650 of supplies remaining, c. Supplies. The Supplies account has a $4.000 debit balance to start the year. During the current year, supplies of $9.400 were purchased and debited to the Supplies account. The inventory of supplics available at December 31 totaled S2,660, a. On July 1, 2015, Soliman Company paid $1.200 for six months of insurance coverage. No adjustments 033-7 have been made to the Prepaid Insurance account, and it is now December 31, 2015. Prepare the jour Adjusting prepaid expenses nal entry to reflect expiration of the insurance as of December 31, 2015 P1 b. Zaki Company has a Supplies account balance of $5,000 on January 1, 2015. During 2015, it pur chased $2.000 of supplies. As of December 31, 2015, a supplies inventory shows $800 of supplies available. Prepare the adjusting journal entry to correctly report the balance of the Supplies account and the Supplies Expense account as of December 31, 2015 Forcach separate case below, follow the 3-step process for adjusting the accumulated depreciation account 05. at December 31, Step 1: Determine what the current account balance equals Step 2. Determine what the accumulated depreciation current account balance should equal. Step 3: Record the December 31 adjusting entry to get from stop adjustments to stop 2. Assume no other adjusting entries are made during the year P1 .. Accumulated Depreciation. The King Tut Company's Accumulated Depreciation account has a $13.500 balance to start the year. A review of depreciation schedules reveals that $14,600 of depreci tion expense must be recorded for the year Acumulated Depreciation. The company has only one fixed asset (track) that it purchased at the start of this year. That asset had cost $44.000, had an estimated life of five years, and is expected to have zero value at the end of the five years. 6. Accumulated Depreciation. The company has only one fixed asset (quipment that it purchased the start of this year. That asset had cost $32,000 had an estimated life of seven year, and is expected to be valued at $4.000 at the end of the seven years. - Borouj Company purchases $20,000 of equipment on January 1, 2015. The equipment is expected to 053-9 last five years and be worth $2,000 at the end of that time. Prepare the entry to record one yeats Adutting for depreciation depreciation expense of 53.600 for the equipment as of December 31, 2015 71 b. lclunos Company purchases $10,000 of land on January 1, 2015. The land is expected to last indefi nitely. What depreciation adjustment, if any, should be made with respect to the Land account as of December 31, 2015 1 of 2 Homework Practice - Adjusting Entries [ACCT 301 Properties P1 31. Step 1: Determine what the current coloncelle Deewhat the Chalance should Step Record the December 31. try to do 2. Ameno other adjusting entries we made during the year Prepadne. The real teha 5400 or the review of insurance policies and payment shoes that of de remains Prvuldurance. The Prepaid chat tance at the start of the year A review of urance policies and shows 51.540 odpol by end Prepul Rent. On September of the current year, the computer yandant for facilities being cupied that day. The company dood Resto SO For each separate cose below, follow the step process for adjusting the supplies awet December 1. Step : Determine what the current account balance quals. Step 2. Determine what the deepers current account balance should equal. Step 3: Record the December 31 adjusting cetry to get from to step 2. Ameno other usting entries are made during the year Supple. The Supplies account ha dehit fulance to start the year. No upplies were purchased during the current ye. A December 31 physical count show $10 of supplies mining . Supplies The Supplies account has a 500 dichit halance to start the year. Supplies of 3.100 purchased during the current year and debited to the Supplies A December 31 plenica shows of supplies remaining 6. Supplies. The Supplies account has a 54.000 dcbit balance to start the year. During the current year supplies of $9.400 were purchased and debuted to the Supplies account. The inventory of supplies available at December 31 totaled $2.660. On July 1, 2015. Soliman Company pod 1.200 for six months of tune conge. No ano >> have been made to the Prepaid Insurance account, and it is now December 31, 2015. Prepare the desting red nal entry to reflect epition of the ice of December 31, 2015 1. Zaki Compuy has a Supplies account balance of 5.000 on January 1, 2015. During 2015, chased 2.000 of supplies. As of December 31, 2015. a suppliestory shows of applier available. Prepare the adjusting journal entry to correctly report the balance of the Supplies and the Supplies Expone secount as of December 31, 2015 Tachwurse cae below follow the step proceso pusting the acumulated depreciation December Step Dermine whether counce Step 2. Die when Current account bulunes holdap Recond the December notre top Ameri cries are made during the you Armulated Depreciation. The King Tut Cinay Acum Depreco SIX.balance to start the yout. A review of depreches cadut 1460 the per merecended for the you Accumulated precation. The company him only one the track that proche de Mart of this yearThere 4000 had time of five years how to do the end of the five you Accumulated Depreciation. The company has only one finale dhpuche the art of this year. The whole time of you to heed 54.000 the end of the year . Boj Company purchases $20.000 coin my 1. The pupunt hospect Last five years and worth $2.000 the end of that time. They come you con expof.00 de puiester Lee Company has 100 and only 1, 2015. The land explained idy What deprecated in the made with the Law December 1, 2015! Prepaid deferred expenses adjustments P1 Forcach separate ca below, follow the step process for adjusting the prepaid asset account at December 31. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step to step 2. Assume no other adjusting entries are made during the year. . Prepaid Insurance. The Prepaid Insurance account has a 54,700 debit balance to start the year. A review of insurance policies and payments shows that $900 of unexpired insurance remains at year-end b. Prepaid Insurance. The Prepaid Insurance account has a 55.890 dehit halance at the start of the year A review of insurance policies and payments shows 51,040 of insurance has expired by year-end Prepaid Rent. On September of the current year, the company prepaid $24,000 for 2 years of rent for facilities being occupied that day. The company debited Prepaid Rent and credited Cash for $24,000 For cach separate case below, follow the 3-step process for adjusting the supplies asset account at 0536 December 31. Step 1: Determine what the current account balance cquals. Step 2: Determine what the prepaid (deferred) expenses current account balance should cqual. Step 3: Record the December 31 adjusting entry to get from step adjustments to step 2. Assume no other adjusting entries are made during the year P1 - Supplies. The Supplies account has a $300 debit balance to start the year. No supplies were purchased during the current year. A December 31 physical count shows $110 of supplies remaining. b. Supplies. The Supplies account has an S800 debit balance to start the year. Supplies of S2.100 were purchased during the current year and debited to the Supplics account. A December 31 physical count shows S650 of supplies remaining c. Supplies. The Supplies account has a $4.000 debit balance to start the year. During the current year, supplies of $9,400 were purchased and dcbited to the Supplies account. The inventory of supplies available at December 31 totuled 52,660. a. On July 1, 2015, Soliman Company paid $1.200 for six months of insurance coverage. No adjustments Os 3-7 have been made to the Prepaid Insurance account, and it is now December 31, 2015. Prepare the jour Adjusting prepaid expenses nal entry to reflect expiration of the insurance as of December 31, 2015. P1 b. Zaki Company has a Supplies account balance of $5,000 on January 1, 2015. During 2015, it per chased $2.000 of supplies. As of December 31, 2015. a supplies inventory shows $800 of supplies available. Prepare the adjusting journal entry to correctly report the balance of the Supplies account and the Supplies Expense account as of December 31, 2015 Forcach separate case below, follow the 3-step process for adjusting the accumulated depreciation account 05- at December 31, Step 1: Determine what the current account balance equals Step 2. Determine what the accumulated depreciation current account balance should cqual. Step 3: Record the December 31 adjusting entry to get from stopadjustments to stop 2. Assume no other adjusting entries are made during the year. P1 . Accumulated Depreciation. The King Tut Company's Accumulated Depreciation account busa $13.500 balance to start the year. A review of depreciation schedules reveals that $14.600 of deprecia tion expense must be recorded for the year . Accumulated Depreciation. The company has only one fixed asset (track) that it purchased at the start of this year. Tut asset ad cost S44,000, had an estimated life of five years, and is expected to have zero value at the end of the five years. 6. Accumulated Depreciation. The company has only one fixed asset (quipment that it purchased the start of this year. That asset had cos $32,000 had an estimated life of seven years, and is expected to be valued at $4.000 at the end of the seven years. - Borouj Company purchases $20,000 of equipment on January 1, 2015. The equipment is expected to 053 last five year and be worth $2.000 at the end of that time. Prepare the entry to record one year's Adjuting for depreciation depreciation expense of 1.600 for the equipment as of December 31, 2015. 71 b. Lebanon Company purchases $10,000 of land on January 1, 2015. The land is expected to last inde nitely. What depreciation adjustment, if any, should be made with respect to the Land account as of December 31, 20152 Prepaid ferred expenses adjustments P1 Forcach spara cabelow, follow the I-step process for adjusting the prepaid asset account at December 31. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step to step 2. Assume no other adjusting entries are made during the year. Prepaid Insurance. The Prepaid Insurance account has a $4.700 dcbit balance to start the year. A review of insurance policies and payments shows that $900 of unexpired insurance remains at year-end b. Prepaid Insurance. The Prepaid Insurance account has a 55.890 dehit halance at the start of the year A review of insurance policies and payments shows 51,040 of insurance has expired by year-end Prepaid Rent. On September of the current year, the company prepaid $24,000 for 2 years of rent for facilities being occupied that day. The company debited Prepaid Rent and credited Cash for 524.000 For each separate case below, follow the 3-step process for adjusting the supplies asset account at 0536 December 31. Step 1: Determine what the current account balance cquals. Step 2: Determine what the Prepaid (deferred) expenses current account balance should cqual. Step 3: Record the December 31 adjusting entry to get from step adjustments to step 2. Assume no other adjusting entries are made during the year P1 .. Supplies. The Supplies account has a $300 debit balance to start the year. No supplies were purchased during the current year. A December 31 physical count shows $110 of supplies remaining. b. Supplies. The Supplies account has an $800 debit balance to start the year. Supplies of S2.100 were purchased during the current year and debited to the Supplics account. A December 31 physical count shows $650 of supplies remaining, c. Supplies. The Supplies account has a $4.000 debit balance to start the year. During the current year, supplies of $9.400 were purchased and debited to the Supplies account. The inventory of supplics available at December 31 totaled S2,660, a. On July 1, 2015, Soliman Company paid $1.200 for six months of insurance coverage. No adjustments 033-7 have been made to the Prepaid Insurance account, and it is now December 31, 2015. Prepare the jour Adjusting prepaid expenses nal entry to reflect expiration of the insurance as of December 31, 2015 P1 b. Zaki Company has a Supplies account balance of $5,000 on January 1, 2015. During 2015, it pur chased $2.000 of supplies. As of December 31, 2015, a supplies inventory shows $800 of supplies available. Prepare the adjusting journal entry to correctly report the balance of the Supplies account and the Supplies Expense account as of December 31, 2015 Forcach separate case below, follow the 3-step process for adjusting the accumulated depreciation account 05. at December 31, Step 1: Determine what the current account balance equals Step 2. Determine what the accumulated depreciation current account balance should equal. Step 3: Record the December 31 adjusting entry to get from stop adjustments to stop 2. Assume no other adjusting entries are made during the year P1 .. Accumulated Depreciation. The King Tut Company's Accumulated Depreciation account has a $13.500 balance to start the year. A review of depreciation schedules reveals that $14,600 of depreci tion expense must be recorded for the year Acumulated Depreciation. The company has only one fixed asset (track) that it purchased at the start of this year. That asset had cost $44.000, had an estimated life of five years, and is expected to have zero value at the end of the five years. 6. Accumulated Depreciation. The company has only one fixed asset (quipment that it purchased the start of this year. That asset had cost $32,000 had an estimated life of seven year, and is expected to be valued at $4.000 at the end of the seven years. - Borouj Company purchases $20,000 of equipment on January 1, 2015. The equipment is expected to 053-9 last five years and be worth $2,000 at the end of that time. Prepare the entry to record one yeats Adutting for depreciation depreciation expense of 53.600 for the equipment as of December 31, 2015 71 b. lclunos Company purchases $10,000 of land on January 1, 2015. The land is expected to last indefi nitely. What depreciation adjustment, if any, should be made with respect to the Land account as of December 31, 2015