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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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Part I Directions: Prepare general journal entries on December 31 to record the following year-end adjustments. a. Estimated depreciation on office equipment for the year, $4,000. b. The Prepaid Insurance account has a $3,680 debit balance before adjustment. An examination of insurance policies shows $950 of insurance expired. c. The company has three office employees who each earn $100 per day for a five- day workweek that ends on Friday. The employees were paid on Friday, December 26, and have worked full days on Monday, Tuesday, and Wednesday, December 29, 30, and 31. d. On November 1, the company received 6 months' rent in advance from a tenant whose rent is $700 per month. The $4,200 was credited to the Unearned Rent аccount. e. The company collects rent monthly from its tenants. One tenant whose rent is $750 per month has not paid his rent for December.
Transcribed Image Text:Part I Directions: Prepare general journal entries on December 31 to record the following year-end adjustments. a. Estimated depreciation on office equipment for the year, $4,000. b. The Prepaid Insurance account has a $3,680 debit balance before adjustment. An examination of insurance policies shows $950 of insurance expired. c. The company has three office employees who each earn $100 per day for a five- day workweek that ends on Friday. The employees were paid on Friday, December 26, and have worked full days on Monday, Tuesday, and Wednesday, December 29, 30, and 31. d. On November 1, the company received 6 months' rent in advance from a tenant whose rent is $700 per month. The $4,200 was credited to the Unearned Rent аccount. e. The company collects rent monthly from its tenants. One tenant whose rent is $750 per month has not paid his rent for December.
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