Prepare general journal entries on December 31, 2015 to record the following unrelated year-end adjustments. This company makes monthly adjusting entries. a. $6200 of supplies were purchased, the year end count showed $1,000 still on hand. b. Services performed but not billed were $5000. C. An asset was purchased for $300,000 and will last 10 years. No residual value. d. Prepaid insurance of $2500 expired during the monthy.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Topic Video
Question
Prepare general journal entries on December 31, 2015 to record the following
unrelated year-end adjustments. This company makes monthly adjusting entries.
a. $6200 of supplies were purchased, the year end count showed $1,000 still on
hand.
b. Services performed but not billed were $5000.
c. An asset was purchased for $300,000 and will last 10 years. No residual value.
d. Prepaid insurance of $2500 expired during the monthy.
Show calculations.
Transcribed Image Text:Prepare general journal entries on December 31, 2015 to record the following unrelated year-end adjustments. This company makes monthly adjusting entries. a. $6200 of supplies were purchased, the year end count showed $1,000 still on hand. b. Services performed but not billed were $5000. c. An asset was purchased for $300,000 and will last 10 years. No residual value. d. Prepaid insurance of $2500 expired during the monthy. Show calculations.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Knowledge Booster
Financial Statements
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.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education