Question
Use the following information to calculate the dollar amount of each year-end adjustment for Marina Dickerson Company as of December 31. No adjusting entries have
Use the following information to calculate the dollar amount of each year-end adjustment for Marina Dickerson Company as of December 31. No adjusting entries have been prepared during the year.
a. Unadjusted balance in the Prepaid Insurance account on December 31. Unexpired coverage as of December 31.
$9,400
$2,070
b. Supplies account balance at beginning of year.
$1,400
Supplies purchased during the year Physical count of supplies at December 31.
$4,800
$980
c. Balance in Unearned revenue at beginning of year
Cash received from customers in advance of performing services
(recorded as Unearned revenue),
$0
Portion of work completed as of December 31.
$17,800
90%
D. Unadjusted balance in Prepaid Rent $9000
Unexpired Prepaid rent as of December 31.
$3,000
e. Cost of equipment purchased on January 1 of current year
Estimated salvage value
Estimated useful life (years)
$36,000
$8,000
7
Use the following information to calculate the dollar amount of each year-end adjustment for Marina Dickerson Company as of December 31. No adjusting entries have been prepared during the year. REQUIRED: Enter a formula in each yellow cell. Each formula must contain cell references. Unadjusted balance in the Prepaid Insurance account on December 31. Unexpired coverage as of December 31. $9,400 $2,070 b. Supplies account balance at beginning of year. Supplies purchased during the year Physical count of supplies at December 31. $1,400 $4,800 $980 Cash received from customers in advance of performing services (recorded as Unearned revenue). Portion of work completed as of December 31. 1. Unadjusted balance in Prepaid Rent Unexpired Prepaid rent as of December 31. e. Cost of equipment purchased on January 1 of current year Estimated salvage value Estimated useful life (years)Step by Step Solution
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