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0 A+T Williamson Company is making adjusting entries for the year ended December 31 of the current year. In developing information for the adjusting entries, the accountant learned the following: a. A two-year insurance premium of $3,840 was paid on October 1 of the current year for coverage beginning on that date. The bookkeeper debited the full amount to Prepaid Insurance on October 1. b. At December 31 of the current year, the following data relating to Shipping Supplies were obtained from the records and supporting documents. 01:35:43 Shipping supplies on hand, January 1 of the current year Purchases of shipping supplies during the current year Shipping supplies on hand, counted on December 31 of the current year $13,500 62,000 12,000 Required: 1. Record the adjusting entry for insurance at December 31 of the current year. 2. Record the adjusting entry for supplies at December 31 of the current year, assuming that the shipping supplies purchased during the current year were debited in full to the account Shipping Supplies. 3. What amounts should be reported on the current year's income statement for the following items? 4. What amounts should be reported on the current year's balance sheet for the following items? Complete this question by entering your answers in the tabs below. Reqs 1 and 2 Req 3 Req 4 1. Record the adjusting entry for insurance at December 31 of the current year. Note: Do not round intermediate calculations. 2. Record the adjusting entry for supplies at December 31 of the current year, assuming that the shipping supplies purchased during the current year were debited in full to the account Shipping Supplies. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list View journal entry worksheet No Transaction General Journal 1 a. Insurance expense Prepaid insurance Reqs 1 and 2 Req 3 > Debit Credit Show less▲

0 A+T Williamson Company is making adjusting entries for the year ended December 31 of the current year. In developing information for the adjusting entries, the accountant learned the following: a. A two-year insurance premium of $3,840 was paid on October 1 of the current year for coverage beginning on that date. The bookkeeper debited the full amount to Prepaid Insurance on October 1. b. At December 31 of the current year, the following data relating to Shipping Supplies were obtained from the records and supporting documents. 01:35:43 Shipping supplies on hand, January 1 of the current year Purchases of shipping supplies during the current year Shipping supplies on hand, counted on December 31 of the current year $13,500 62,000 12,000 Required: 1. Record the adjusting entry for insurance at December 31 of the current year. 2. Record the adjusting entry for supplies at December 31 of the current year, assuming that the shipping supplies purchased during the current year were debited in full to the account Shipping Supplies. 3. What amounts should be reported on the current year's income statement for the following items? 4. What amounts should be reported on the current year's balance sheet for the following items? Complete this question by entering your answers in the tabs below. Reqs 1 and 2 Req 3 Req 4 1. Record the adjusting entry for insurance at December 31 of the current year. Note: Do not round intermediate calculations. 2. Record the adjusting entry for supplies at December 31 of the current year, assuming that the shipping supplies purchased during the current year were debited in full to the account Shipping Supplies. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list View journal entry worksheet No Transaction General Journal 1 a. Insurance expense Prepaid insurance Reqs 1 and 2 Req 3 > Debit Credit Show less▲

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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0 A+T Williamson Company is making adjusting entries for the year ended December 31 of the current year. In developing information for the adjusting entries, the accountant learned the following: a. A two-year insurance premium of $3,840 was paid on October 1 of the current year for coverage beginning on that date. The bookkeeper debited the full amount to Prepaid Insurance on October 1. b. At December 31 of the current year, the following data relating to Shipping Supplies were obtained from the records and supporting documents. 01:35:43 Shipping supplies on hand, January 1 of the current year Purchases of shipping supplies during the current year Shipping supplies on hand, counted on December 31 of the current year $13,500 62,000 12,000 Required: 1. Record the adjusting entry for insurance at December 31 of the current year. 2. Record the adjusting entry for supplies at December 31 of the current year, assuming that the shipping supplies purchased during the current year were debited in full to the account Shipping Supplies. 3. What amounts should be reported on the current year's income statement for the following items? 4. What amounts should be reported on the current year's balance sheet for the following items? Complete this question by entering your answers in the tabs below. Reqs 1 and 2 Req 3 Req 4 1. Record the adjusting entry for insurance at December 31 of the current year. Note: Do not round intermediate calculations. 2. Record the adjusting entry for supplies at December 31 of the current year, assuming that the shipping supplies purchased during the current year were debited in full to the account Shipping Supplies. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list View journal entry worksheet No Transaction General Journal 1 a. Insurance expense Prepaid insurance Reqs 1 and 2 Req 3 > Debit Credit Show less▲
Transcribed Image Text:0 A+T Williamson Company is making adjusting entries for the year ended December 31 of the current year. In developing information for the adjusting entries, the accountant learned the following: a. A two-year insurance premium of $3,840 was paid on October 1 of the current year for coverage beginning on that date. The bookkeeper debited the full amount to Prepaid Insurance on October 1. b. At December 31 of the current year, the following data relating to Shipping Supplies were obtained from the records and supporting documents. 01:35:43 Shipping supplies on hand, January 1 of the current year Purchases of shipping supplies during the current year Shipping supplies on hand, counted on December 31 of the current year $13,500 62,000 12,000 Required: 1. Record the adjusting entry for insurance at December 31 of the current year. 2. Record the adjusting entry for supplies at December 31 of the current year, assuming that the shipping supplies purchased during the current year were debited in full to the account Shipping Supplies. 3. What amounts should be reported on the current year's income statement for the following items? 4. What amounts should be reported on the current year's balance sheet for the following items? Complete this question by entering your answers in the tabs below. Reqs 1 and 2 Req 3 Req 4 1. Record the adjusting entry for insurance at December 31 of the current year. Note: Do not round intermediate calculations. 2. Record the adjusting entry for supplies at December 31 of the current year, assuming that the shipping supplies purchased during the current year were debited in full to the account Shipping Supplies. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list View journal entry worksheet No Transaction General Journal 1 a. Insurance expense Prepaid insurance Reqs 1 and 2 Req 3 > Debit Credit Show less▲
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