Homework Help is Here – Start Your Trial Now!
Business
Accounting
The unadjusted balance in Supplies was $930 at December 31, 2021. The unadjusted balance in Supplies Expense was $0 at December 31, 2021. A year-end count showed $110 of supplies on hand. Wages earned by employees during December 2021, unpaid and unrecorded at December 31, 2021, amounted to $4,500. The last paychecks were issued December 28; the next payments will be made on January 6, 2022. The unadjusted balance in Salaries and Wages Expense was $48,000 at December 31, 2021. A portion of the store's basement is now being rented for $1,180 per month to K. Frey. On November 1, 2021, the store collected six months' rent in advance from Frey in the amount of $7,080. It was credited in full to Deferred Revenue when collected. The unadjusted balance in Rent Revenue was $0 at December 31, 2021. The store purchased delivery equipment at the beginning of the year. The estimated depreciation for 2021 is $2,800, although none has been recorded yet. On December 31, 2021, the unadjusted balance in Prepaid Insurance was $3,480. This was the amount paid in the middle of the year for a two-year insurance policy with coverage beginning on July 1, 2021. The unadjusted balance in Insurance Expense was $840, which was the cost of insurance from January 1 to June 30, 2021. Jaworski's store did some ski repair work for Frey. At the end of December 31, 2021, Frey had not paid for work completed amounting to $830. This amount has not yet been recorded as Service Revenue. Collection is expected during January 2022. Required: For each situation, prepare the adjusting journal entry that Jaworski's should record at December 31, 2021. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 2 3 4 5 Record the adjusting entry for supplies. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal

The unadjusted balance in Supplies was $930 at December 31, 2021. The unadjusted balance in Supplies Expense was $0 at December 31, 2021. A year-end count showed $110 of supplies on hand. Wages earned by employees during December 2021, unpaid and unrecorded at December 31, 2021, amounted to $4,500. The last paychecks were issued December 28; the next payments will be made on January 6, 2022. The unadjusted balance in Salaries and Wages Expense was $48,000 at December 31, 2021. A portion of the store's basement is now being rented for $1,180 per month to K. Frey. On November 1, 2021, the store collected six months' rent in advance from Frey in the amount of $7,080. It was credited in full to Deferred Revenue when collected. The unadjusted balance in Rent Revenue was $0 at December 31, 2021. The store purchased delivery equipment at the beginning of the year. The estimated depreciation for 2021 is $2,800, although none has been recorded yet. On December 31, 2021, the unadjusted balance in Prepaid Insurance was $3,480. This was the amount paid in the middle of the year for a two-year insurance policy with coverage beginning on July 1, 2021. The unadjusted balance in Insurance Expense was $840, which was the cost of insurance from January 1 to June 30, 2021. Jaworski's store did some ski repair work for Frey. At the end of December 31, 2021, Frey had not paid for work completed amounting to $830. This amount has not yet been recorded as Service Revenue. Collection is expected during January 2022. Required: For each situation, prepare the adjusting journal entry that Jaworski's should record at December 31, 2021. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 2 3 4 5 Record the adjusting entry for supplies. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter7: Employee Earnings And Deductions
Section: Chapter Questions
Problem 6E: On January 21, the column totals of the payroll register for Great Products Company showed that its...
See similar textbooks
icon
Related questions
Question
The unadjusted balance in Supplies was $930 at December 31, 2021. The unadjusted balance in Supplies Expense was $0 at December 31, 2021. A year-end count showed $110 of supplies on hand. Wages earned by employees during December 2021, unpaid and unrecorded at December 31, 2021, amounted to $4,500. The last paychecks were issued December 28; the next payments will be made on January 6, 2022. The unadjusted balance in Salaries and Wages Expense was $48,000 at December 31, 2021. A portion of the store's basement is now being rented for $1,180 per month to K. Frey. On November 1, 2021, the store collected six months' rent in advance from Frey in the amount of $7,080. It was credited in full to Deferred Revenue when collected. The unadjusted balance in Rent Revenue was $0 at December 31, 2021. The store purchased delivery equipment at the beginning of the year. The estimated depreciation for 2021 is $2,800, although none has been recorded yet. On December 31, 2021, the unadjusted balance in Prepaid Insurance was $3,480. This was the amount paid in the middle of the year for a two-year insurance policy with coverage beginning on July 1, 2021. The unadjusted balance in Insurance Expense was $840, which was the cost of insurance from January 1 to June 30, 2021. Jaworski's store did some ski repair work for Frey. At the end of December 31, 2021, Frey had not paid for work completed amounting to $830. This amount has not yet been recorded as Service Revenue. Collection is expected during January 2022. Required: For each situation, prepare the adjusting journal entry that Jaworski's should record at December 31, 2021. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 2 3 4 5 Record the adjusting entry for supplies. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
Transcribed Image Text:The unadjusted balance in Supplies was $930 at December 31, 2021. The unadjusted balance in Supplies Expense was $0 at December 31, 2021. A year-end count showed $110 of supplies on hand. Wages earned by employees during December 2021, unpaid and unrecorded at December 31, 2021, amounted to $4,500. The last paychecks were issued December 28; the next payments will be made on January 6, 2022. The unadjusted balance in Salaries and Wages Expense was $48,000 at December 31, 2021. A portion of the store's basement is now being rented for $1,180 per month to K. Frey. On November 1, 2021, the store collected six months' rent in advance from Frey in the amount of $7,080. It was credited in full to Deferred Revenue when collected. The unadjusted balance in Rent Revenue was $0 at December 31, 2021. The store purchased delivery equipment at the beginning of the year. The estimated depreciation for 2021 is $2,800, although none has been recorded yet. On December 31, 2021, the unadjusted balance in Prepaid Insurance was $3,480. This was the amount paid in the middle of the year for a two-year insurance policy with coverage beginning on July 1, 2021. The unadjusted balance in Insurance Expense was $840, which was the cost of insurance from January 1 to June 30, 2021. Jaworski's store did some ski repair work for Frey. At the end of December 31, 2021, Frey had not paid for work completed amounting to $830. This amount has not yet been recorded as Service Revenue. Collection is expected during January 2022. Required: For each situation, prepare the adjusting journal entry that Jaworski's should record at December 31, 2021. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 2 3 4 5 Record the adjusting entry for supplies. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
PAYROLL ACCT., 2019 ED.(LL)-TEXT
PAYROLL ACCT., 2019 ED.(LL)-TEXT
Accounting
ISBN:
9781337619783
Author:
BIEG
Publisher:
CENGAGE L
Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS