Journal entry worksheet234 5 6Depreciation on the company's equipment for the year is computed to be$16,000.Note: Enter debits before credits.TransactionGeneral JournalDebitCredita.Record entryClear entryView general journal> a. Depreciation on the company's equipment for the year is computed to be $16,000.b. The Prepaid Insurance account had a $7,000 debit balance at December 31 before adjusting for the costs of any expired coverage.An analysis of the company's insurance policies showed that $790 of unexpired insurance coverage remains.c. The Office Supplies account had a $200 debit balance at the beginning of December; and $2,680 of office supplies werepurchased in December. The December 31 physical count showed $236 of supplies available.d. Three-fourths of the work related to $13,000 of cash received in advance was performed this period.e. The Prepaid Rent account had a $5,500 debit balance at December 31 before adjusting for the costs of any expired coverage. Ananalysis of rental policies showed that $4,710 of rental coverage had expired.f. Wage expenses of $2,000 have been incurred but are not paid as of December 31.Prepare adjusting journal entries for the year ended (date of) December 31 for each of these separate situations.View transaction list

Adjusting entries are prepared by management to ensure the accrual basis accounting system. It is…

a. Depreciation on the company's equipment for the year is computed to be $16,000. b. The Prepaid Insurance account had a $7,000 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $790 of unexpired insurance coverage remains. c. The Office Supplies account had a $200 debit balance at the beginning of December; and $2,680 office supplies were purchased in December. The December 31 physical count showed $236 of supplies available. d. Three-fourths of the work related to $13,000 of cash received in advance was performed this period. e. The Prepaid Rent account had a $5,500 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of rental policies showed that $4,710 of rental coverage had expired. f. Wage expenses of $2,000 have been incurred but are not paid as of December 31. Prepare adjusting journal entries for the year ended (date of) December 31 for each of these separate situations.

a. Depreciation on the company's equipment for the year is computed to be $16,000. b. The Prepaid Insurance account had a $7,000 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $790 of unexpired insurance coverage remains. c. The Office Supplies account had a $200 debit balance at the beginning of December; and $2,680 office supplies were purchased in December. The December 31 physical count showed $236 of supplies available. d. Three-fourths of the work related to $13,000 of cash received in advance was performed this period. e. The Prepaid Rent account had a $5,500 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of rental policies showed that $4,710 of rental coverage had expired. f. Wage expenses of $2,000 have been incurred but are not paid as of December 31. Prepare adjusting journal entries for the year ended (date of) December 31 for each of these separate situations.

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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