Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. exercise 3-6 (algo) preparing adjusting entries lo

Exercise 3-6 (Algo) Preparing adjusting entries LO P1, P2, P3 a. Depreciation on the company's...

50.1K

Verified Solution

Question

Accounting

image
Exercise 3-6 (Algo) Preparing adjusting entries LO P1, P2, P3 a. Depreciation on the company's equipment for the year is computed to be $15,000 b. The Prepaid Insurance account had a $8,000 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $1,530 of unexpired insurance coverage remains c. The Supplies account had a $210 debit balance at the beginning of the year, and $2,680 of supplies were purchased during the year. The December 31 physical count showed $248 of supplies avallable. d. One-third of the work related to $15,000 of cash received in advance was performed this period e. The Prepaid Rent account had a $5,200 debit balance at December 31 before adjusting for the costs of expired prepaid rent An analysis of the rental agreement showed that $3,670 of prepaid rent had expired. 1. Wage expenses of $3,000 have been incurred but are not paid as of December 31. Prepare adjusting journal entries for the year ended December 31 for each separate situation

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Why would maintaining high levels of progesterone prevent ovulation.

Medical Sciences
Q

Describe how airflow is adjusted in mammalian airways and the importance of pulmonary surfactants.

Medical Sciences
Q

2A4 pages on: describe the general histological organisation if the gastro-intestinal tract. compare and contrast the histological structure of...

Medical Sciences
Q

2 Find the values of the six trig functions whose terminal ray passes through point...

Geometry
Q

Ven because questions can be worth more or less (including zero) depending on your answeMatch...

Basic Math
Q

Consider the following function.f(x) =(a) Find the critical numbers of f. (Enter your answers as...

Basic Math
Q

Answer these two questions please Fix the red part on the first question and explain...

Accounting
Q

On October 31, the stockholders' equity section of Pina Colada Corp's...

Accounting
Q

[the following information applies to the questions displayed below.] on december 1, year 1, john...

Accounting
Q

Required Compute variances for the following items and indicate whether each variance is favorable (F)...

Accounting
Q

Marin Company has the following investments as of December 31,2020 : In both investments, the...

Accounting
Q

The 3 year USD bond issued by Company A has coupon of 11.5%, which the...

Finance