Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. prepare adjusting journal entries, as needed, for

Prepare adjusting journal entries, as needed, for the following items. (If no entry is required...

70.2K

Verified Solution

Question

Accounting

Prepare adjusting journal entries, as needed, for the following items. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
a. The Supplies account shows a balance of $570, but a count of supplies reveals only $280 on hand at year-end.
b. The company initially records the payments of all insurance premiums as prepaid insurance. The unadjusted trial balance at yearend shows a balance of $600 in Prepaid Insurance. A review of insurance policies reveals that $170 of insurance is unexpired.
c. Employees work Monday through Friday, and salaries of $3,000 per week are paid each Friday. The company's year-end falls on Tuesday.
d. At year-end, the company received a utility bill for December's electricity usage of $290 that will be paid in early January.
Journal entry worksheet
1
2
3
4
The Supplies account shows a balance of $570, but a count of supplies reveals only $280 on hand at year-end.
Note: Enter debits before credits.
\table[[Transaction,General Journal,Debit,Credit],[a
image

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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

It may be said that it each week it takes 8000 pounds of grass to feed...

Biology
Q

What are functions of circulating blood Check all that apply Check All That Apply movement...

Biology
Q

Find any vertical asymptotes as well as the location of any holes in the graph...

Calculus
Q

Sanjeev enters into a contract offering variable consideration. The contract pays him $1,000/month for six...

Accounting
Q

PROBLEMS:SET B 1B McCune Corporation had a bad year in 2013, operating at a loss...

Accounting
Q

The following information is needed to reconcile the cash balance for Discount Dry Cleaning, Inc....

Accounting
Q

Azure Textiles Company makes silk banners and uses the weighted-average method of process costing. Direct...

Accounting
Q

Mice in a T-maze have the choice of turning left and are rewarded with cheese...

Accounting
Q

When you undertook the preparation of the financial statements for Telfer Company at January 31,...

Accounting
Q

1. What is the main change regarding U.S. GAAP converging their Revenue Recognition rules with...

Accounting
Q

Penny Black Ltd., which has only one product, has provided the following data concerning its...

Accounting
Q

Benchmark Data LivePlan can provide you with benchmark data for your industry (or for all...

Accounting