a. b. For each of the above separate cases, analyze each adjusting entry by showing its effects on the accounting equation-specifically, identify the accounts and amounts (including (+) increase or (-) decrease) for each transaction or event. C. d. Required information [The following information applies to the questions displayed below.] e. f. a. Wages of $14,000 are earned by workers but not paid as of December 31. b. Depreciation on the company's equipment for the year is $10,960. c. The Supplies account had a $490 debit balance at the beginning of the year. During the year, $6,459 of supplies are purchased. A physical count of supplies at December 31 shows $696 of supplies available. d. The Prepaid Insurance account had a $5,000 balance at the beginning of the year. An analysis of insurance policies shows that $2,000 of unexpired insurance benefits remain at December 31. e. The company has earned (but not recorded) $1,000 of interest revenue for the year ended December 31. The interest payment will be received 10 days after the year-end on January 10. f. The company has a bank loan and has incurred (but not recorded) interest expense of $4,000 for the year ended December 31. The company will pay the interest five days after the year-end on January 5. Wages payable Accumulated depreciation -Equipment Supplies Prepaid insurance Interest receivable Interest expense Assets X(+) increase (-) decrease (-) decrease (-) decrease ✓ (+) increase X(+) increase X ✔ ✔ ✓ x 14,000 x 10,960 6,253 3,000 = 1,000 4,000 X = = = Answer is complete but not entirely corre Liabilities (+) increase X(+) increase X(+) increase X(+) increase X(+) increase (+) increase Wages payable Depreciation expense- Equipment Supplies expense Insurance expense Interest revenue Interest payable X x x + 14,000 + W D 10,960 + Ec 5,969 + 3,000 X + 1,000 x + 4,000✔ + SL Ins Int Inte
a. b. For each of the above separate cases, analyze each adjusting entry by showing its effects on the accounting equation-specifically, identify the accounts and amounts (including (+) increase or (-) decrease) for each transaction or event. C. d. Required information [The following information applies to the questions displayed below.] e. f. a. Wages of $14,000 are earned by workers but not paid as of December 31. b. Depreciation on the company's equipment for the year is $10,960. c. The Supplies account had a $490 debit balance at the beginning of the year. During the year, $6,459 of supplies are purchased. A physical count of supplies at December 31 shows $696 of supplies available. d. The Prepaid Insurance account had a $5,000 balance at the beginning of the year. An analysis of insurance policies shows that $2,000 of unexpired insurance benefits remain at December 31. e. The company has earned (but not recorded) $1,000 of interest revenue for the year ended December 31. The interest payment will be received 10 days after the year-end on January 10. f. The company has a bank loan and has incurred (but not recorded) interest expense of $4,000 for the year ended December 31. The company will pay the interest five days after the year-end on January 5. Wages payable Accumulated depreciation -Equipment Supplies Prepaid insurance Interest receivable Interest expense Assets X(+) increase (-) decrease (-) decrease (-) decrease ✓ (+) increase X(+) increase X ✔ ✔ ✓ x 14,000 x 10,960 6,253 3,000 = 1,000 4,000 X = = = Answer is complete but not entirely corre Liabilities (+) increase X(+) increase X(+) increase X(+) increase X(+) increase (+) increase Wages payable Depreciation expense- Equipment Supplies expense Insurance expense Interest revenue Interest payable X x x + 14,000 + W D 10,960 + Ec 5,969 + 3,000 X + 1,000 x + 4,000✔ + SL Ins Int Inte
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![a.
b.
C.
d.
!
For each of the above separate cases, analyze each adjusting entry by showing its effects on the accounting equation-specifically,
identify the accounts and amounts (including (+) increase or (-) decrease) for each transaction or event.
e.
f.
Required information
[The following information applies to the questions displayed below.]
a. Wages of $14,000 are earned by workers but not paid as of December 31.
b. Depreciation on the company's equipment for the year is $10,960.
c. The Supplies account had a $490 debit balance at the beginning of the year. During the year, $6,459 of supplies are
purchased. A physical count of supplies at December 31 shows $696 of supplies available.
d. The Prepaid Insurance account had a $5,000 balance at the beginning of the year. An analysis of insurance policies
shows that $2,000 of unexpired insurance benefits remain at December 31.
e. The company has earned (but not recorded) $1,000 of interest revenue for the year ended December 31. The
interest payment will be received 10 days after the year-end on January 10.
f. The company has a bank loan and has incurred (but not recorded) interest expense of $4,000 for the year ended
December 31. The company will pay the interest five days after the year-end on January 5.
Wages payable
Accumulated depreciation
-Equipment
Supplies
Prepaid insurance
Interest receivable
Interest expense
Assets
X(+) increase
(-) decrease
(-) decrease
(-) decrease
(+) increase
X(+) increase
X
X
14,000 X =
10,960
6,253
3,000
1,000
4,000 X
=
Answer is complete but not entirely correct.
Liabilities
✓(+) increase
X(+) increase
X(+) increase
X(+) increase
X(+) increase
(+) increase
Wages payable
Depreciation expense-
Equipment
Supplies expense
Insurance expense
Interest revenue
Interest payable
S
5
#
X
X
X
14,000 +
10,960
5,969 x +
3,000 X +
1,000 +
4,000
+
+
does not indicate completion.
Wages expense
Depreciation expense-
Equipment
Supplies expense
Insurance expense
Interest revenue
Interest expense
Equity
(-) decrease
(-) decrease
✓(-) decrease
(-) decrease
✓(+) increase
(-) decrease
14,000
10,960
6,253
3,000
1,000
4,000
Return to question](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F86c14074-7be8-458f-afa9-42fb8622c8e5%2F08654d30-a8db-44ef-9c82-ec83b5f256d9%2Fiv9j4nv_processed.jpeg&w=3840&q=75)
Transcribed Image Text:a.
b.
C.
d.
!
For each of the above separate cases, analyze each adjusting entry by showing its effects on the accounting equation-specifically,
identify the accounts and amounts (including (+) increase or (-) decrease) for each transaction or event.
e.
f.
Required information
[The following information applies to the questions displayed below.]
a. Wages of $14,000 are earned by workers but not paid as of December 31.
b. Depreciation on the company's equipment for the year is $10,960.
c. The Supplies account had a $490 debit balance at the beginning of the year. During the year, $6,459 of supplies are
purchased. A physical count of supplies at December 31 shows $696 of supplies available.
d. The Prepaid Insurance account had a $5,000 balance at the beginning of the year. An analysis of insurance policies
shows that $2,000 of unexpired insurance benefits remain at December 31.
e. The company has earned (but not recorded) $1,000 of interest revenue for the year ended December 31. The
interest payment will be received 10 days after the year-end on January 10.
f. The company has a bank loan and has incurred (but not recorded) interest expense of $4,000 for the year ended
December 31. The company will pay the interest five days after the year-end on January 5.
Wages payable
Accumulated depreciation
-Equipment
Supplies
Prepaid insurance
Interest receivable
Interest expense
Assets
X(+) increase
(-) decrease
(-) decrease
(-) decrease
(+) increase
X(+) increase
X
X
14,000 X =
10,960
6,253
3,000
1,000
4,000 X
=
Answer is complete but not entirely correct.
Liabilities
✓(+) increase
X(+) increase
X(+) increase
X(+) increase
X(+) increase
(+) increase
Wages payable
Depreciation expense-
Equipment
Supplies expense
Insurance expense
Interest revenue
Interest payable
S
5
#
X
X
X
14,000 +
10,960
5,969 x +
3,000 X +
1,000 +
4,000
+
+
does not indicate completion.
Wages expense
Depreciation expense-
Equipment
Supplies expense
Insurance expense
Interest revenue
Interest expense
Equity
(-) decrease
(-) decrease
✓(-) decrease
(-) decrease
✓(+) increase
(-) decrease
14,000
10,960
6,253
3,000
1,000
4,000
Return to question
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