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E4-13 (Algo) Determining Financial Statement Effects of Three Adjusting Entries LO4-1, 4-2 Gordon Company started...

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Accounting

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E4-13 (Algo) Determining Financial Statement Effects of Three Adjusting Entries LO4-1, 4-2 Gordon Company started operations on January 1 of the current year. It is now December 31, the end of the current annual accounting period. The part-time bookkeeper needs your help to analyze the following three transactions: a During the year, the company purchased office supplies that cost $4100. At the end of the year, office supplies of $1.120 remained on hand. b. On January 1 of the current year, the company purchased a special machine for cash at a cost of $32.500. The machine's cost is estimated to depreciate at $3,250 per year c. On July 1, the company paid cash of $1760 for a two-year premium on an insurance policy on the machine, coverage began on July 1 of the current year. Required: Complete the following schedule with the amounts that should be reported for the current year Amount to be Reported Selected Balance Sheet Accounts at December 31 Assets Equipment Accumulated depreciation Net book value of equipment Office supplies Prepaid insurance TIepanu misura Amount to be Reported Selected Income Statement Accounts for the Current Year ended December 31 Expenses Depreciation expense Office supplies expense Insurance expense

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