Journalize the necessary year-end adjusting entries based on the following account balances before adjustments. Cash Supplies Prepaid Insurance a. b. Equipment Accumulated Depreciation-Equipment Accounts Payable Wages Expense Insurance Expense C. Trial Balance (partial) December 31, 20-- d. Account Title Debit Credit 12,340 2,100 1,800 34,000 17,333 3,800 8,000 6,430 The inventory of supplies on hand at December 31, 20--, was $230. The 4-month insurance premium of $1,800 was purchased on December 1, 20--. The $34,000 of equipment was purchased on January 1, three years ago. It has a salvage value of $2,000 and a useful life of 8 years. Straight-line depreciation was used to compute depreciation at the end of last year. Wages accrued at December 31, 20--, were $3,700.
Journalize the necessary year-end adjusting entries based on the following account balances before adjustments. Cash Supplies Prepaid Insurance a. b. Equipment Accumulated Depreciation-Equipment Accounts Payable Wages Expense Insurance Expense C. Trial Balance (partial) December 31, 20-- d. Account Title Debit Credit 12,340 2,100 1,800 34,000 17,333 3,800 8,000 6,430 The inventory of supplies on hand at December 31, 20--, was $230. The 4-month insurance premium of $1,800 was purchased on December 1, 20--. The $34,000 of equipment was purchased on January 1, three years ago. It has a salvage value of $2,000 and a useful life of 8 years. Straight-line depreciation was used to compute depreciation at the end of last year. Wages accrued at December 31, 20--, were $3,700.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Question
Journalize the necessary year-end
Transcribed Image Text:Omit explanations. If an amount box does not require, leave it blank.
Page: 1
1 a.
2
DATE DESCRIPTION
3 b.
4
5 c.
6
7 d.
8
POST.
REF.
DEBIT CREDIT
1
2
3
4
56 ∞
7
8
Transcribed Image Text:Journalize the necessary year-end adjusting entries based on the following account balances before adjustments.
Cash
Supplies
Prepaid Insurance
a.
b.
Equipment
Accumulated Depreciation-Equipment
Accounts Payable
Wages Expense
Insurance Expense
C.
Trial Balance (partial)
December 31, 20--
d.
Account Title
Debit Credit
12,340
2,100
1,800
34,000
17,333
3,800
8,000
6,430
The inventory of supplies on hand at December 31, 20--, was $230.
The 4-month insurance premium of $1,800 was purchased on December 1,
20--.
The $34,000 of equipment was purchased on January 1, three years ago. It
has a salvage value of $2,000 and a useful life of 8 years. Straight-line
depreciation was used to compute depreciation at the end of last year.
Wages accrued at December 31, 20--, were $3,700.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education