Journal entry worksheet<1Transactiona.2345The Office Supplies account started the year with a $4,475 balance. During theyear, the company purchased supplies for $18,482, which was added to theOffice Supplies account. The inventory of supplies available at December 31totaled $3,938.Note: Enter debits before credits.6General JournalHDebitPEINTCredit> Arnez Company's annual accounting period ends on December 31. The following information concerns the adjusting entries to berecorded as of that date.a. The Office Supplies account started the year with a $4,475 balance. During the year, the company purchased supplies for$18,482, which was added to the Office Supplies account. The inventory of supplies available at December 31 totaled $3,938.b. The Prepaid Insurance account had a $30,192 debit balance at December 31 before adjusting for the costs of any expiredcoverage for the year. An analysis of prepaid insurance shows that $21,735 of unexpired insurance coverage remains at year-end.c. The company has 15 employees, who earn a total of $1,950 in salaries each working day. They are paid each Monday for theirwork in the five-day workweek ending on the previous Friday. Assume that December 31 is a Tuesday, and all 15 employeesworked the first two days of that week. Because New Year's Day is a paid holiday, they will be paid salaries for five full days onMonday, January 6 of next year.d. The company purchased a building at the beginning of this year. It cost $915,000 and is expected to have a $45,000 salvagevalue at the end of its predicted 30-year life. Annual depreciation is $29,000.e. Since the company is not large enough to occupy the entire building it owns, it rented space to a tenant at $3,000 per month,starting on November 1. The rent was paid on time on November 1, and the amount received was credited to Rent Revenue.However, the tenant has not paid the December rent. The company has worked out an agreement with the tenant, who haspromised to pay both December and January rent in full on January 31.f. On November 1, the company rented space to another tenant for $2,718 per month. The tenant paid five months' rent in advanceon that date. The payment was recorded with a credit to the Unearned Revenue account. Assume no other adjusting entries aremade during the year.Required:1. Use the information to prepare adjusting entries as of December 31.2. Prepare journal entries to record the first subsequent cash transaction in January of the next year for parts cand e.

An adjusting entry is one that is made to properly allocate revenue and costs to each accounting…

Required: 1. Use the information to prepare adjusting entries as of December 31. 2. Prepare journal entries to record the first subsequent cash transaction in January of the next year for parts c and e.

Required: 1. Use the information to prepare adjusting entries as of December 31. 2. Prepare journal entries to record the first subsequent cash transaction in January of the next year for parts c and e.

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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