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lart Time: 09:19 PM/ Remaining: 40 min. CALCULATOR PRINTER VERSION BACK NEXT RCES Question 18 The following data relate to the accounts of Wildhorse Company. a. Unpaid salaries and wages at year end amount to $570. b. Wildhorse Company owns bonds of another corporation that pay annual interest of $1,520. These bonds were purchased on April 1, 2020, and the next interest payment will be received on April 1, 2021. A two-year insurance policy was purchased on June 1, 2020. The $2,640 insurance premium was paid on that date and was debited to Prepaid Insurance. Service Revenue was credited for $1,320 on June 1, 2020. The amount represents a one-year advance payment for services to be performed by Edminston Company d. through May 31, 2021. C. The Supplies account shows a balance of $2,600 on December 31, 2020. A physical count of the supplies on hand at this date reveals a total of $1,660 available. e. Prepare the necessary adjusting journal entries indicated by each item for the year ended December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit No. Account Titles and Explanation a. C. udy Activat Go toSe d. 11:09 PM 3/15/2020 b. amount is entered. Do not indent manually.) 31, 2020. (Credit acosunt fithes No. Account Titles and Explanation Debit Credit a. b. C. d. I e. is by Study SHOW LIST OF ACCOUNTS Attewinds Question Attempts: 0 of 1 used SA OR LATER 11:09 PM 345/2020 here to search

lart Time: 09:19 PM/ Remaining: 40 min. CALCULATOR PRINTER VERSION BACK NEXT RCES Question 18 The following data relate to the accounts of Wildhorse Company. a. Unpaid salaries and wages at year end amount to $570. b. Wildhorse Company owns bonds of another corporation that pay annual interest of $1,520. These bonds were purchased on April 1, 2020, and the next interest payment will be received on April 1, 2021. A two-year insurance policy was purchased on June 1, 2020. The $2,640 insurance premium was paid on that date and was debited to Prepaid Insurance. Service Revenue was credited for $1,320 on June 1, 2020. The amount represents a one-year advance payment for services to be performed by Edminston Company d. through May 31, 2021. C. The Supplies account shows a balance of $2,600 on December 31, 2020. A physical count of the supplies on hand at this date reveals a total of $1,660 available. e. Prepare the necessary adjusting journal entries indicated by each item for the year ended December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit No. Account Titles and Explanation a. C. udy Activat Go toSe d. 11:09 PM 3/15/2020 b. amount is entered. Do not indent manually.) 31, 2020. (Credit acosunt fithes No. Account Titles and Explanation Debit Credit a. b. C. d. I e. is by Study SHOW LIST OF ACCOUNTS Attewinds Question Attempts: 0 of 1 used SA OR LATER 11:09 PM 345/2020 here to search

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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lart Time: 09:19 PM/ Remaining: 40 min. CALCULATOR PRINTER VERSION BACK NEXT RCES Question 18 The following data relate to the accounts of Wildhorse Company. a. Unpaid salaries and wages at year end amount to $570. b. Wildhorse Company owns bonds of another corporation that pay annual interest of $1,520. These bonds were purchased on April 1, 2020, and the next interest payment will be received on April 1, 2021. A two-year insurance policy was purchased on June 1, 2020. The $2,640 insurance premium was paid on that date and was debited to Prepaid Insurance. Service Revenue was credited for $1,320 on June 1, 2020. The amount represents a one-year advance payment for services to be performed by Edminston Company d. through May 31, 2021. C. The Supplies account shows a balance of $2,600 on December 31, 2020. A physical count of the supplies on hand at this date reveals a total of $1,660 available. e. Prepare the necessary adjusting journal entries indicated by each item for the year ended December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit No. Account Titles and Explanation a. C. udy Activat Go toSe d. 11:09 PM 3/15/2020 b.
Transcribed Image Text:lart Time: 09:19 PM/ Remaining: 40 min. CALCULATOR PRINTER VERSION BACK NEXT RCES Question 18 The following data relate to the accounts of Wildhorse Company. a. Unpaid salaries and wages at year end amount to $570. b. Wildhorse Company owns bonds of another corporation that pay annual interest of $1,520. These bonds were purchased on April 1, 2020, and the next interest payment will be received on April 1, 2021. A two-year insurance policy was purchased on June 1, 2020. The $2,640 insurance premium was paid on that date and was debited to Prepaid Insurance. Service Revenue was credited for $1,320 on June 1, 2020. The amount represents a one-year advance payment for services to be performed by Edminston Company d. through May 31, 2021. C. The Supplies account shows a balance of $2,600 on December 31, 2020. A physical count of the supplies on hand at this date reveals a total of $1,660 available. e. Prepare the necessary adjusting journal entries indicated by each item for the year ended December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit No. Account Titles and Explanation a. C. udy Activat Go toSe d. 11:09 PM 3/15/2020 b.
amount is entered. Do not indent manually.) 31, 2020. (Credit acosunt fithes No. Account Titles and Explanation Debit Credit a. b. C. d. I e. is by Study SHOW LIST OF ACCOUNTS Attewinds Question Attempts: 0 of 1 used SA OR LATER 11:09 PM 345/2020 here to search
Transcribed Image Text:amount is entered. Do not indent manually.) 31, 2020. (Credit acosunt fithes No. Account Titles and Explanation Debit Credit a. b. C. d. I e. is by Study SHOW LIST OF ACCOUNTS Attewinds Question Attempts: 0 of 1 used SA OR LATER 11:09 PM 345/2020 here to search
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