1. Use the following account T-balances (assume normal balances) and correct balance information to make the December 31 adjusting journal entries.

T account balances Correct balances

prepaid insurance 26000 14500

salaries payable 5500 6200

unearned rental revenue 8000 1600

2.

Use the following account T-balances (assume normal balances) and correct balance information to make the December 31 adjusting journal entries.

t account balances correct balances

unearned service revenue 24000 10500

supplies 8500 2600

interest payable 2400 2000

Prepare journal entries to record the following transactions. please make a T-account for Interest Payable, post any entries that affect the account, and tally the ending balance for the account (assume Interest Payable beginning balance of $2,500). A. March 1, paid interest due on note, $2,500 B. December 31, interest accrued on note payable, $4,250

Prepare journal entries to record the following transactions. please make T-account for Prepaid Insurance, post any entries that affect the account, and tally the ending balance for the account (assume Prepaid Insurance beginning balance of $9,000). A. April 1, paid cash for one-year policy, $18,000 B. December 31, unexpired premiums, $4,500

adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data.

unadjusted trial balance

debit credit

property plant and equipment 320,000

accumulated depreciation 89500

prepaid insurance 24000

supplies 7500

unearned service revenue 3000

A. supplies actual count at year end, $6,500

B. remaining unexpired insurance, $6,000

C. remaining unearned service revenue, $1,200

D. salaries owed to employees, $2,400

E. depreciation on property plant and equipment, $18,000

From the following Company Y adjusted trial balance, prepare simple financial statements, as follows:

A. Income Statement

B. Retained Earnings Statement

C. Balance Sheet

adjusted trial balance

debit credit

cash 32000

accounts receivable 17300

prepaid insurance 6400

land 10000

accounts payable 10,900

salaries payable 6000

common stock 31,000

retained earnings 4200

dividends 8000

service revenue 74000

insurance expenses 5600

salaries expense 24000

miscellaneous 22800

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