a. Depreciation on the company's wind turbine equipment for the year is $6,600. b. The Prepaid Insurance account for the solar panels had a $3,600 debit balance at December 31 before adjusting for the costs of any expired coverage. Analysis of prepaid insurance shows that $1,400 of unexpired insurance coverage remains at year-end. c. The company received $7,800 cash in advance for sustainability consulting work. As of December 31, one-third of the sustainability consulting work had been performed. d. As of December 31, $2,800 in wages expense for the organic produce workers have been incurred but not yet paid. e. As of December 31, the company has earned, but not yet recorded, $560 of interest revenue from investments in socially responsible bonds. The interest revenue is expected to be received on January 12. For each of the above separate cases, prepare the required December 31 year-end adjusting entries.

a. Depreciation on the company's wind turbine equipment for the year is $6,600. b. The Prepaid Insurance account for the solar panels had a $3,600 debit balance at December 31 before adjusting for the costs of any expired coverage. Analysis of prepaid insurance shows that $1,400 of unexpired insurance coverage remains at year-end. c. The company received $7,800 cash in advance for sustainability consulting work. As of December 31, one-third of the sustainability consulting work had been performed. d. As of December 31, $2,800 in wages expense for the organic produce workers have been incurred but not yet paid. e. As of December 31, the company has earned, but not yet recorded, $560 of interest revenue from investments in socially responsible bonds. The interest revenue is expected to be received on January 12. For each of the above separate cases, prepare the required December 31 year-end adjusting entries.

Name: a. Depreciation on the company's wind turbine equipment for the year
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Description: a. Depreciation on the company's wind turbine equipment for the year is $6,600.b. The Prepaid Insurance account for the solar panels had a $3,600 debit balance at December 31 before adjusting for the costs ofany expired coverage. Analysis of prepaid

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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Required information [The following information applies to the questions displayed below.] a. Depreciation on the company's wind turbine equipment for the year is $5,300. b. The Prepaid Insurance account for the solar panels had a $2,300 debit balance at December 31 before adjusting for the costs of any expired coverage. Analysis of prepaid insurance shows that $750 of unexpired insurance coverage remains at year-end. c. The company received $3,900 cash in advance for sustainability consulting work. As of December 31, one-third of the sustainability consulting work had been performed. d. As of December 31, $1,500 in wages expense for the organic produce workers has been incurred but not yet paid. e. As of December 31, the company has earned, but not yet recorded, $430 of interest revenue from investments in socially responsible bonds. The interest revenue is expected to be received on January 12. or each of the above separate cases, prepare the required December 31 year-end adjusting…
On January 1, Hawaiian Specialty Foods purchased equipment for $31,000. Residual value at the end of an estimated four-year service life is expected to be $5,800. The machine operated for 3,110 hours in the first year, and the company expects the machine to operate for a total of 21,000 hours. Record depreciation expense for each of the first two years using the straight-line method. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
10. Onslow Company purchased a used machine for $240,000 cash on January 2. On January 3, Onslow paid $10,000 to wire electricity to the machine. Onslow paid an additional $2,000 on January 4 to secure the machine for operation. The machine will be used for six years and have a $28,800 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of. 2. Prepare journal entries to record depreciation of the machine at December 31.