Two different excercises - the last two pics is one excercise.

E4-3 L04-1 Recording Adjusting Entries Dodie Company completed its first year of operations on December 31. All of the year's entries have been recorded except for the following: 4. At yearend, employees earned wages of $4,000, which will be paid on the next payroll date in January of next year. 6. At year-end, the company had earned interest revenue of $1,500. The cash will be collected March 1 of the next year. Required: 1. What is the annual reporting period for this company? 2. Identify whether each transaction results in adjusting a deferred or an accrued account. Using the process illustrated in the chapter, prepare the required adjusting entry for transactions (a) and (b). Include appropriate dates and write a brief explanation of each entry. 3. Why are these adjustments made? E4-5 LO4-1, 4-2 Recording Adjusting Entries and Reporting Balances in Financial Statements A+T Williamson Company is making adjusting entries for the year ended December 31 of the current year. In developing information for the adjusting entries, the accountant learned the following: 2. A two-year insurance premium of $4,800 was paid on October 1 of the current year for coverage begin- ning on that date. The bookkeeper debited the full amount to Prepaid Insurance on October 1. 208 CHAPTER 4 Adjustments, Financial Statements, and the Quality of Earnings At December 3 of the current year, the following data relating to Shipping Supplies were obtained from the records and supporting documents. Shipping supplies on hand, January 1 of the current year $13,000 Purchases of shipping supplies during the current year 75,000 Shipping supplies on hand, counted on December 31 of the current year 20,000 Required: 1. Using the process illustrated in the chapter, record the adjusting entry for insurance at December 31 of the current year. 2. Using the process illustrated in the chapter, record the adjusting entry for supplies at December 31 of the current year, assuming that the shipping supplies purchased during the current year were debited in full to the account Shipping Supplies. 3. What amount should be reported on the current year's income statement for Insurance Expense? For Shipping Supplies Expense? 4. What amount should be reported on the current year's balance sheet for Prepaid Insurance? For Ship ping Supplies? E4-6 Recording Adiustina Fntries and Tom