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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

FINANCIAL ACCOUNTING
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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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
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