PG Company has a December 31 year end. Pharaoh's Graphics records adjusting entries on an annual basis. The following information is available: 1. At the end of the year, the adjusted balance in the prepaid insurance account was $3190. Based on an analysis of the insurance policies, $2870 had expired by the year end. 2. At the end of the year, the unadjusted balance in the Unearned Revenue account was $2070. During the last week of December, $550 of the related services were performed 3. On July 1, 2024, Pharoah signed a one-year note payable for $11700. The loan agreement stated that interest was 4% 4. Depreciation for the computer and printing equipment was $2120 for the year 5. At the beginning of the year, Pharoah had $820 of supplies on hand. During the year, $1310 of supplies were purchased. A count at the end of the year indicated that $820 of supplies was left on December 31. 6. Between December 28 and December 31 inclusive (4 days), three employees worked eight hour shifts at $16.25 per hour. The employees will be paid for their time worked on January 10 7. On December 31, it was determined that $5800 of services had be provided but the bookkeeper did not redord it
PG Company has a December 31 year end. Pharaoh's Graphics records
1. At the end of the year, the adjusted balance in the prepaid insurance account was $3190. Based on an analysis of the insurance policies, $2870 had expired by the year end.
2. At the end of the year, the unadjusted balance in the Unearned Revenue account was $2070. During the last week of December, $550 of the related services were performed
3. On July 1, 2024, Pharoah signed a one-year note payable for $11700. The loan agreement stated that interest was 4%
4.
5. At the beginning of the year, Pharoah had $820 of supplies on hand. During the year, $1310 of supplies were purchased. A count at the end of the year indicated that $820 of supplies was left on December 31.
6. Between December 28 and December 31 inclusive (4 days), three employees worked eight hour shifts at $16.25 per hour. The employees will be paid for their time worked on January 10
7. On December 31, it was determined that $5800 of services had be provided but the bookkeeper did not redord it
AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.
Unlock instant AI solutions
Tap the button
to generate a solution
