Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

a. Wages of $11,000 are earned by workers but not paid as of December 31, 2017. b. Depreciation on the company's equipment for 2017 is

image text in transcribed

a. Wages of $11,000 are earned by workers but not paid as of December 31, 2017. b. Depreciation on the company's equipment for 2017 is $10,360. c. The Office Supplies account had a $370 debit balance on December 31, 2016. During 2017, $4,895 of office supplies are purchased. A physical count of supplies at December 31, 2017, shows $540 of supplies available. d. The Prepaid Insurance account had a $5,000 balance on December 31, 2016. An analysis of insurance policies shows that $2,100 of unexpired insurance benefits remain at December 31, 2017. e. The company has earned (but not recorded) $900 of interest from investments in CDs for the year ended December 31, 2017. The interest revenue will be received on January 10, 2018. f. The company has a bank loan and has incurred (but not recorded) interest expense of $4,500 for the year ended December 31, 2017. The company must pay the interest on January 2, 2018. For each of the above separate cases, prepare adjusting entries required of financial statements for the year ended (date of) December 31, 2017. View transaction list Journal entry worksheet 3 4 5 2 6 Wages of $11,000 are earned by workers but not paid as of December 31, 2017. Note: Enter debits before credits. Transaction General Journal Debit Credit a

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Fundamental Managerial Accounting Concepts

Authors: Thomas Edmonds

10th Edition

126410068X, 9781264100682

More Books

Students also viewed these Accounting questions

Question

1. What will happen in the future

Answered: 1 week ago

Question

3. Avoid making mistakes when reaching our goals

Answered: 1 week ago