Prepare journal entries to adjust the books of Raymond Corp. at December 31, 2020 based on the following information: juste PC 2. savir a. Interest earned during the month on a savings account totaled $300. b. Received the utility bill for December of $3,200, which will be paid on January 4th C. The office supplies account at the beginning of 2020 was $800. During the year, Raymond Corp. made two purchases of office supplies for $3,000 and $4,000. Office supplies on hand at the end of the year totaled $400. Prepare the AJE (adjusting journal entry) to adjust the supplies account. d. On July 1, 2020, Raymond Corp. paid a two-year insurance premium in the amount of $6,000. This amount was debited to insurance expense when the premium was paid. Prepare the end-of-year adjusting entry. e. On October 1, 2020, Raymond Corp. received cash of $7,500 from a customer for work to be performed over the next few months. As of the end of the year, one-third of the work had been completed. Prepare the AJE to adjust this account.

Prepare journal entries to adjust the books of Raymond Corp. at December 31, 2020 based on the following information: juste PC 2. savir a. Interest earned during the month on a savings account totaled $300. b. Received the utility bill for December of $3,200, which will be paid on January 4th C. The office supplies account at the beginning of 2020 was $800. During the year, Raymond Corp. made two purchases of office supplies for $3,000 and $4,000. Office supplies on hand at the end of the year totaled $400. Prepare the AJE (adjusting journal entry) to adjust the supplies account. d. On July 1, 2020, Raymond Corp. paid a two-year insurance premium in the amount of $6,000. This amount was debited to insurance expense when the premium was paid. Prepare the end-of-year adjusting entry. e. On October 1, 2020, Raymond Corp. received cash of $7,500 from a customer for work to be performed over the next few months. As of the end of the year, one-third of the work had been completed. Prepare the AJE to adjust this account.

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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