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CASH 100 ACCOUNTS RECEIVABLE 8. SUPPLIES PREPAID 12 INSURANCE EQUIPMENT 35 ACCUMULATED DEPRECIATION ACCOUNTS PAYABLE INTEREST PAYABLE WAGES PAYABLE UNEARNED 20 REVENUE LOAN PAYABLE 100 COMMON STOCK RETAINED EARNINGS 10 DIVIDENDS 30 REVENUE 100 25

CASH 100 ACCOUNTS RECEIVABLE 8. SUPPLIES PREPAID 12 INSURANCE EQUIPMENT 35 ACCUMULATED DEPRECIATION ACCOUNTS PAYABLE INTEREST PAYABLE WAGES PAYABLE UNEARNED 20 REVENUE LOAN PAYABLE 100 COMMON STOCK RETAINED EARNINGS 10 DIVIDENDS 30 REVENUE 100 25

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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UNADJUSTED UNADJUSTED ACCOUNT DEBIT CREDIT CASH 100 ACCOUNTS RECEIVABLE SUPPLIES PREPAID INSURANCE 12 EQUIPMENT 35 ACCUMULATED DEPRECIATION ACCOUNTS PAYABLE INTEREST PAYABLE WAGES PAYABLE UNEARNED REVENUE 20 LOAN PAYABLE 100 COMMON STOCK RETAINED EARNINGS 10 DIVIDENDS 30 REVENUE 100 DEPRECIATION EXPENSE INTEREST EXPENSE INSURANCE EXPENSE 4 RENT EXPENSE 12 SUPPLIES EXPENSE 4 UTILITIES EXPENSE 9 WAGES EXPENSE 36 TOTAL DEBITS & CREDITS $259 $259 Additional Information needed for year-end adjustments: Use this info below to make adjusting journal entries (in good form) 25
Transcribed Image Text:UNADJUSTED UNADJUSTED ACCOUNT DEBIT CREDIT CASH 100 ACCOUNTS RECEIVABLE SUPPLIES PREPAID INSURANCE 12 EQUIPMENT 35 ACCUMULATED DEPRECIATION ACCOUNTS PAYABLE INTEREST PAYABLE WAGES PAYABLE UNEARNED REVENUE 20 LOAN PAYABLE 100 COMMON STOCK RETAINED EARNINGS 10 DIVIDENDS 30 REVENUE 100 DEPRECIATION EXPENSE INTEREST EXPENSE INSURANCE EXPENSE 4 RENT EXPENSE 12 SUPPLIES EXPENSE 4 UTILITIES EXPENSE 9 WAGES EXPENSE 36 TOTAL DEBITS & CREDITS $259 $259 Additional Information needed for year-end adjustments: Use this info below to make adjusting journal entries (in good form) 25
Use this info below to make adjusting journal entries (in good form) a) Fall Fun, Inc purchased and began using the Equipment for $35 on July 1, 2021. (the purchase transaction has already been recorded) The equipment is expected to last 5 years and have a salvage value of $5. SV, Inc uses straight line depreciation. b) FF borrowed $100 on Feb 1, 2021 (the loan is already recorded). The loan requires 12% annual cash interest payments beginning January 31, 2022. The principle balance will not be repaid by FF, Inc until 2024. c) By the end of the accounting period, FF Inc earned half of the amount customer's previously paid for tourist services. d) There are $3 remaining in supplies as of the balance sheet date. . e) The Prepaid Insurance on the Unadjusted TB represents a 12 month (1 year) insurance policy from Nov 1, 2021 to Oct 31, 2022. The cash payment for the insurance has already been recorded. f) Employees are owed $8 for their wages from December 2021 and not paid until January 2022,
Transcribed Image Text:Use this info below to make adjusting journal entries (in good form) a) Fall Fun, Inc purchased and began using the Equipment for $35 on July 1, 2021. (the purchase transaction has already been recorded) The equipment is expected to last 5 years and have a salvage value of $5. SV, Inc uses straight line depreciation. b) FF borrowed $100 on Feb 1, 2021 (the loan is already recorded). The loan requires 12% annual cash interest payments beginning January 31, 2022. The principle balance will not be repaid by FF, Inc until 2024. c) By the end of the accounting period, FF Inc earned half of the amount customer's previously paid for tourist services. d) There are $3 remaining in supplies as of the balance sheet date. . e) The Prepaid Insurance on the Unadjusted TB represents a 12 month (1 year) insurance policy from Nov 1, 2021 to Oct 31, 2022. The cash payment for the insurance has already been recorded. f) Employees are owed $8 for their wages from December 2021 and not paid until January 2022,
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