Other data: 1. Supplies on hand revealed at 31, December $300. 2. Prepaid insurance was paid on 1 July 2021 for 12 months. 3. Interest expense due on loan payable for last 4 months. Quarterly interest rate is 3%. 4. Salary expense per day $500, December 31 is Wednesday. Employees are paid on Monday for the preceding 5 days work week. 5. One third of the unearned service revenue has been earned. Requirements: a) Journalize the adjusting entries for the year ended 31, December 2021. Ib) Comnlete the worksheet for the vear ended 31 December 2021
Other data: 1. Supplies on hand revealed at 31, December $300. 2. Prepaid insurance was paid on 1 July 2021 for 12 months. 3. Interest expense due on loan payable for last 4 months. Quarterly interest rate is 3%. 4. Salary expense per day $500, December 31 is Wednesday. Employees are paid on Monday for the preceding 5 days work week. 5. One third of the unearned service revenue has been earned. Requirements: a) Journalize the adjusting entries for the year ended 31, December 2021. Ib) Comnlete the worksheet for the vear ended 31 December 2021
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter5: Business Deductions
Section: Chapter Questions
Problem 38P
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Question
![Other data:
1. Supplies on hand revealed at 31, December $300.
2. Prepaid insurance was paid on 1 July 2021 for 12 months.
3. Interest expense due on loan payable for last 4 months. Quarterly interest rate is 3%. 4. Salary
expense per day $500, December 31 is Wednesday. Employees are paid on Monday for the
preceding 5 days work week.
5. One third of the unearned service revenue has been earned.
Requirements:
a) Journalize the adjusting entries for the year ended 31, December 2021.
|b) Complete the worksheet for the year ended 31, December 2021.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff42bf3d4-b6b9-477c-af97-ecbb81166db3%2F5377fb50-2707-463c-814e-481d74483332%2Fz6je7e7_processed.png&w=3840&q=75)
Transcribed Image Text:Other data:
1. Supplies on hand revealed at 31, December $300.
2. Prepaid insurance was paid on 1 July 2021 for 12 months.
3. Interest expense due on loan payable for last 4 months. Quarterly interest rate is 3%. 4. Salary
expense per day $500, December 31 is Wednesday. Employees are paid on Monday for the
preceding 5 days work week.
5. One third of the unearned service revenue has been earned.
Requirements:
a) Journalize the adjusting entries for the year ended 31, December 2021.
|b) Complete the worksheet for the year ended 31, December 2021.
![2. Following is the unadjusted trial balance of Mohammad Abdullah's Electric House for the year
ended December 31, 2021
Mohammad Abdulla's Electric House
31, December 2021
Unadjusted Trail balance
Cash
$200,000
Accounts Receivable
10,000
Supply
1,000
Prepaid Insurance
12,000
Equipment
80,000
Accumulated depreciation-Equipment
$5,000
Accounts payable
15,000
Unearned service revenue
6,000
Loan payable
50,000
Owner's Capital
184,000
Owner's Drawings
2,000
Service Revenues
55,000
Salaries expense
8,000
Cleaning expense
2,000
$315,000 S315,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff42bf3d4-b6b9-477c-af97-ecbb81166db3%2F5377fb50-2707-463c-814e-481d74483332%2Fhp72qvi_processed.png&w=3840&q=75)
Transcribed Image Text:2. Following is the unadjusted trial balance of Mohammad Abdullah's Electric House for the year
ended December 31, 2021
Mohammad Abdulla's Electric House
31, December 2021
Unadjusted Trail balance
Cash
$200,000
Accounts Receivable
10,000
Supply
1,000
Prepaid Insurance
12,000
Equipment
80,000
Accumulated depreciation-Equipment
$5,000
Accounts payable
15,000
Unearned service revenue
6,000
Loan payable
50,000
Owner's Capital
184,000
Owner's Drawings
2,000
Service Revenues
55,000
Salaries expense
8,000
Cleaning expense
2,000
$315,000 S315,000
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