Complete this question by entering your answers in the tabs below. Reqs 1 and 2 Req 3 Req 4 1. Record the adjusting entry for insurance at December 31 of the current year. Note: Do not round intermediate calculations. 2. Record the adjusting entry for supplies at December 31 of the current year, assuming that the shipping supplies purchased during the current year were debited in full to the account Shipping Supplies. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1 2 Record the adjusting entry for insurance at December 31, assuming that the insurance purchased during the current year was debited in full to the account Prepaid Insurance. Note: Enter debits before credits. Transaction a. General Journal Debit Credit Record entry Clear entry View general journal > Show less▲ A+T Williamson Company is making adjusting entries for the year ended December 31 of the current year. In developing information for the adjusting entries, the accountant learned the following: a. A two-year insurance premium of $6,720 was paid on October 1 of the current year for coverage beginning on that date. The bookkeeper debited the full amount to Prepaid Insurance on October 1. b. At December 31 of the current year, the following data relating to Shipping Supplies were obtained from the records and supporting documents. Shipping supplies on hand, January 1 of the current year Purchases of shipping supplies during the current year $17,500 61,000 Shipping supplies on hand, counted on December 31 of the current year 12,500 Required: 1. Record the adjusting entry for insurance at December 31 of the current year. 2. Record the adjusting entry for supplies at December 31 of the current year, assuming that the shipping supplies purchased during the current year were debited in full to the account Shipping Supplies. 3. What amounts should be reported on the current year's income statement for the following items? 4. What amounts should be reported on the current year's balance sheet for the following items? Complete this question by entering your answers in the tabs below. Reqs 1 and 2 Req 3 Req 4 What amounts should be reported on the current year's income statement for the following items? Note: Do not round intermediate calculations. Insurance expense Shipping supplies expense

Complete this question by entering your answers in the tabs below. Reqs 1 and 2 Req 3 Req 4 1. Record the adjusting entry for insurance at December 31 of the current year. Note: Do not round intermediate calculations. 2. Record the adjusting entry for supplies at December 31 of the current year, assuming that the shipping supplies purchased during the current year were debited in full to the account Shipping Supplies. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1 2 Record the adjusting entry for insurance at December 31, assuming that the insurance purchased during the current year was debited in full to the account Prepaid Insurance. Note: Enter debits before credits. Transaction a. General Journal Debit Credit Record entry Clear entry View general journal > Show less▲ A+T Williamson Company is making adjusting entries for the year ended December 31 of the current year. In developing information for the adjusting entries, the accountant learned the following: a. A two-year insurance premium of $6,720 was paid on October 1 of the current year for coverage beginning on that date. The bookkeeper debited the full amount to Prepaid Insurance on October 1. b. At December 31 of the current year, the following data relating to Shipping Supplies were obtained from the records and supporting documents. Shipping supplies on hand, January 1 of the current year Purchases of shipping supplies during the current year $17,500 61,000 Shipping supplies on hand, counted on December 31 of the current year 12,500 Required: 1. Record the adjusting entry for insurance at December 31 of the current year. 2. Record the adjusting entry for supplies at December 31 of the current year, assuming that the shipping supplies purchased during the current year were debited in full to the account Shipping Supplies. 3. What amounts should be reported on the current year's income statement for the following items? 4. What amounts should be reported on the current year's balance sheet for the following items? Complete this question by entering your answers in the tabs below. Reqs 1 and 2 Req 3 Req 4 What amounts should be reported on the current year's income statement for the following items? Note: Do not round intermediate calculations. Insurance expense Shipping supplies expense

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter14: Accounting For Uncollectible Accounts Receivable

Section14.1: Uncollectible Accounts Receivable

Problem 1OYO

See similar textbooks

Shipping supplies on hand, January 1 of the current year	$17,500
Purchases of shipping supplies during the current year	61,000
Shipping supplies on hand, counted on December 31 of the current year	12,500

Required:

Record the adjusting entry for insurance at December 31 of the current year.
Record the adjusting entry for supplies at December 31 of the current year, assuming that the shipping supplies purchased during the current year were debited in full to the account Shipping Supplies.
What amounts should be reported on the current year's income statement for the following items?
What amounts should be reported on the current year's balance sheet for the following items?

Complete this question by entering your answers in the tabs below.
Reqs 1 and 2
Req 3
Req 4
1. Record the adjusting entry for insurance at December 31 of the current year.
Note: Do not round intermediate calculations.
2. Record the adjusting entry for supplies at December 31 of the current year, assuming that the shipping supplies purchased during the
current year were debited in full to the account Shipping Supplies.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
View transaction list
Journal entry worksheet
< 1
2
Record the adjusting entry for insurance at December 31, assuming that the
insurance purchased during the current year was debited in full to the account
Prepaid Insurance.
Note: Enter debits before credits.
Transaction
a.
General Journal
Debit
Credit
Record entry
Clear entry
View general journal
>
Show less▲

A+T Williamson Company is making adjusting entries for the year ended December 31 of the current year. In developing information for
the adjusting entries, the accountant learned the following:
a. A two-year insurance premium of $6,720 was paid on October 1 of the current year for coverage beginning on that date. The
bookkeeper debited the full amount to Prepaid Insurance on October 1.
b. At December 31 of the current year, the following data relating to Shipping Supplies were obtained from the records and
supporting documents.
Shipping supplies on hand, January 1 of the current year
Purchases of shipping supplies during the current year
$17,500
61,000
Shipping supplies on hand, counted on December 31 of the current year
12,500
Required:
1. Record the adjusting entry for insurance at December 31 of the current year.
2. Record the adjusting entry for supplies at December 31 of the current year, assuming that the shipping supplies purchased during
the current year were debited in full to the account Shipping Supplies.
3. What amounts should be reported on the current year's income statement for the following items?
4. What amounts should be reported on the current year's balance sheet for the following items?
Complete this question by entering your answers in the tabs below.
Reqs 1 and 2
Req 3
Req 4
What amounts should be reported on the current year's income statement for the following items?
Note: Do not round intermediate calculations.
Insurance expense
Shipping supplies expense

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Expert Solution

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here