The Supplies account shows a balance of $540, but a count of supplies reveals only $210 on hand at year-end.
The Supplies account shows a balance of $540, but a count of supplies reveals only $210 on hand at year-end.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:DIlIl for December's electricity usage of $230 that wi.
View transaction list
Journal entry worksheet
1
2
3
4
The Supplies account shows a balance of $540, but a count of supplies reveals
only $210 on hand at year-end.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
Record entry
Clear entry
View general journal
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Transcribed Image Text:Prepare adjusting journal entries, as needed, for the following items. (If no entry is required for a transaction/event, select "No
ournal entry required" in the first account field.)
a. The Supplies account shows a balance of $540, but a count of supplies reveals only $210 on hand at year-end.
b. The company initially records the payments of all insurance premiums as prepaid insurance. The unadjusted trial balance at year
end shows a balance of $580 in Prepaid Insurance. A review of insurance policies reveals that $160 of insurance is unexpired.
c. Employees work Monday through Friday, and salaries of $2,700 per week are paid each Friday. The company's year-end falls on
Tuesday.
d. At year-end, the company received a utility bill för December's electricity usage of $230 that will be paid in early January.
View transaction list
Journal entry worksheet
2
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The Supplies account shows a balance of $540, but a count of supplies reveals
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Note: Enter debits before credits.
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General Journal
Debit
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