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a. The details of Prepaid Insurance are as follows: Prepaid Insurance Jan 2,800 Mar 31 3,000 Greens prepays insurance on March 31 each year. At December 31, $800 is still prepaid. b. Greens pays employees each Friday. The amount of the weekly payroll is $5.700 for a five-day work week. The current accounting period ends on Wednesday. 1 Bal c. Greens has a note receivable. During the current year, Greens has earned accrued interest revenue of $600 that it will collect next year. d. The beginning balance of supplies was $3,200. During the year, Greens purchased supplies costing $6,300, and at December 31 supplies on hand total $2,200. e. Greens is providing services for Dolphin Investments, and the owner of Dolphin paid Greens an annual service fee of $11,400. Greens recorded this amount as Unearned Service Revenue. Greens estimates that it has earned 70% of the total fee during the current year. f. Depreciation for the current year includes Office Furniture, $3,200, and Equipment, $5,300.

a. The details of Prepaid Insurance are as follows: Prepaid Insurance Jan 2,800 Mar 31 3,000 Greens prepays insurance on March 31 each year. At December 31, $800 is still prepaid. b. Greens pays employees each Friday. The amount of the weekly payroll is $5.700 for a five-day work week. The current accounting period ends on Wednesday. 1 Bal c. Greens has a note receivable. During the current year, Greens has earned accrued interest revenue of $600 that it will collect next year. d. The beginning balance of supplies was $3,200. During the year, Greens purchased supplies costing $6,300, and at December 31 supplies on hand total $2,200. e. Greens is providing services for Dolphin Investments, and the owner of Dolphin paid Greens an annual service fee of $11,400. Greens recorded this amount as Unearned Service Revenue. Greens estimates that it has earned 70% of the total fee during the current year. f. Depreciation for the current year includes Office Furniture, $3,200, and Equipment, $5,300.

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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a. The details of Prepaid Insurance are as follows: Prepaid Insurance 1 Bal Jan 2,800 Mar 31 3,000 Greens prepays insurance on March 31 each year. At December 31, $800 is still prepaid. b. Greens pays employees each Friday. The amount of the weekly payroll is $5,700 for a five-day work week. The current accounting period ends on Wednesday. c. Greens has a note receivable. During the current year, Greens has earned accrued interest revenue of $600 that it will collect next year. d. The beginning balance of supplies was $3,200. During the year, Greens purchased supplies costing $6,300, and at December 31 supplies on hand total $2,200. e. Greens is providing services for Dolphin Investments, and the owner of Dolphin paid Greens an annual service fee of $11,400. Greens recorded this amount as Unearned Service Revenue. Greens estimates that it has earned 70% of the total fee during the current year. f. Depreciation for the current year includes Office Furniture, $3,200, and Equipment, $5,300.
Transcribed Image Text:a. The details of Prepaid Insurance are as follows: Prepaid Insurance 1 Bal Jan 2,800 Mar 31 3,000 Greens prepays insurance on March 31 each year. At December 31, $800 is still prepaid. b. Greens pays employees each Friday. The amount of the weekly payroll is $5,700 for a five-day work week. The current accounting period ends on Wednesday. c. Greens has a note receivable. During the current year, Greens has earned accrued interest revenue of $600 that it will collect next year. d. The beginning balance of supplies was $3,200. During the year, Greens purchased supplies costing $6,300, and at December 31 supplies on hand total $2,200. e. Greens is providing services for Dolphin Investments, and the owner of Dolphin paid Greens an annual service fee of $11,400. Greens recorded this amount as Unearned Service Revenue. Greens estimates that it has earned 70% of the total fee during the current year. f. Depreciation for the current year includes Office Furniture, $3,200, and Equipment, $5,300.
Consider each of the following independent cases: i (Click the icon to view the independent cases.) Requirement 1. Journalize the adjusting entry needed on December 31, the end of the current accounting period, for each of the independent cases affecting Greens Corporation. Include an explanation for each entry. a. Details of the Prepaid Insurance account reveal a January 1 (beginning of the year) debit balance of $2,800 and a debit to the account on March 31 for $3,000 to record the payment of an annual insurance premium. At December 31, $800 is still prepaid. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journal Entry Accounts and Explanation Date Dec Date 31 Dec b. Greens pays employees each Friday. The amount of the weekly payroll is $5,700 for a five-day work week. The current accounting period ends on a Wednesday. Journal Entry Accounts and Explanation Debit 31 Credit Debit Credit
Transcribed Image Text:Consider each of the following independent cases: i (Click the icon to view the independent cases.) Requirement 1. Journalize the adjusting entry needed on December 31, the end of the current accounting period, for each of the independent cases affecting Greens Corporation. Include an explanation for each entry. a. Details of the Prepaid Insurance account reveal a January 1 (beginning of the year) debit balance of $2,800 and a debit to the account on March 31 for $3,000 to record the payment of an annual insurance premium. At December 31, $800 is still prepaid. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journal Entry Accounts and Explanation Date Dec Date 31 Dec b. Greens pays employees each Friday. The amount of the weekly payroll is $5,700 for a five-day work week. The current accounting period ends on a Wednesday. Journal Entry Accounts and Explanation Debit 31 Credit Debit Credit
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