Blue Spruce Supply prepares monthly financial statements. Listed below are some salected accounts and their balances at June 30. Adjustments generally are done monthly, but no adjustments have been made for the month of June, 2024. Blue Spruce has a May 31 year end. Prepaid insurance Supplies Vehicles Accumulated depreciation vehicles Notes payable Unearned revenue Service revenue Blue Spruce Supply Unadjusted Trial Balance (partial) June 30, 2024 1. 2. 3. 5. 2. No. Date Account Titles An analysis of the account balances by the company's bookkeeper provided the following additional information: 5. June 30 June 30 3. June 30 Debit 4. June 30 $2,793 500 June 30 34,000 Using the additional information above, prepare the adjusting entries that should be made by Blue Spruce Supon June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, seleNo Entry for the account titles and enter O for the amounts. Round answers to 0 decimal places, e.g. 125. List all debit entries before credit entries) Credit A two-year insurance policy was purchased on March 1, 2024 for $3,192. A physical count of supplies revealed $100 on hand on June 30, 2024. The note payable is for one year at an annual interest rate of 5%, dated June 1, 2024. The vehicle is being depreciated at the rate of $2,100 per year. The amount of rent received in advance that remains unearned at June 30, 2024, is $1,300. $8,700 19,690 1,400 149,000 Debit M Credit
Blue Spruce Supply prepares monthly financial statements. Listed below are some salected accounts and their balances at June 30. Adjustments generally are done monthly, but no adjustments have been made for the month of June, 2024. Blue Spruce has a May 31 year end. Prepaid insurance Supplies Vehicles Accumulated depreciation vehicles Notes payable Unearned revenue Service revenue Blue Spruce Supply Unadjusted Trial Balance (partial) June 30, 2024 1. 2. 3. 5. 2. No. Date Account Titles An analysis of the account balances by the company's bookkeeper provided the following additional information: 5. June 30 June 30 3. June 30 Debit 4. June 30 $2,793 500 June 30 34,000 Using the additional information above, prepare the adjusting entries that should be made by Blue Spruce Supon June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, seleNo Entry for the account titles and enter O for the amounts. Round answers to 0 decimal places, e.g. 125. List all debit entries before credit entries) Credit A two-year insurance policy was purchased on March 1, 2024 for $3,192. A physical count of supplies revealed $100 on hand on June 30, 2024. The note payable is for one year at an annual interest rate of 5%, dated June 1, 2024. The vehicle is being depreciated at the rate of $2,100 per year. The amount of rent received in advance that remains unearned at June 30, 2024, is $1,300. $8,700 19,690 1,400 149,000 Debit M Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Blue Spruce Supply prepares monthly financial statements. Listed below are some salected accounts and thair balances at June 30.
Adjustments generally are done monthly, but no adjustments have been made for the month of June, 2024. Blue Spruce has a May 31
year and.
Prepaid insurance
Supplies
Vehicles
Accumulated depreciation - vehicles
Notes payable
Unearned revenue
Service revenue
1.
Blue Spruce Supply
Unadjusted Trial Balance (partial)
June 30, 2024
2.
3.
5.
An analysis of the account balances by the company's bookkeeper provided the following additional information:
No. Date Account Titles
June 30
2. June 30
Debit
$2,793
3. June 30
500
A two-year insurance policy was purchased on March 1, 2024 for $3,192.
A physical count of supplies revealed $100 on hand on June 30, 2024.
The note payable is for one year at an annual interest rate of 5%, dated June 1, 2024.
The vehicle is being depreciated at the rate of $2,100 per year.
The amount of rent received in advance that remains unearned at June 30, 2024, is $1,300.
4. June 30
34,000
Using the additional information above, prepare the adjusting entries that should be made by Blue Spruce Sup on June 30. (Credit
account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, seledo Entry for the
account titles and enter O for the amounts. Round answers to 0 decimal places, eg. 125. List all debit entries before credit entries)
5. June 30
Credit
$8,700
19,680
1,400
149,000
Debit
Credit
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