Skip to main content

Business Accounting CONNECT ONLINE ACCESS FOR FUNDAMENTAL AC

The adjusting journal entry for the year-ending December 31. Introduction: The financial statements of a company include balance sheets , income statements, and cash flow statements. All these statements help the internal and external users of financial statements help in analyzing and concluding the financial position of the respective company. The journal entries have been prepared below: S. No. Particulars Debit ($) Credit ($) a. Wages expense Wages payable (To record wages expense incurred but yet to be paid.) 8,000 8,000 b. Depreciation expense Accumulated depreciation (To record depreciation expense incurred.) 18,000 18,000 c. Supplies expense Supplies (To record supplies expense incurred.) 5,000 5,000 d. Insurance expense Prepaid insurance (To record insurance expense incurred.) 2,800 2,800 e. Accounts receivable Interest revenue (To record interest revenue earned but yet to be received.) 1,050 1,050 f. Interest expense Interest payable (To record interest expense incurred but yet to be paid.) 2,500 2,500

The adjusting journal entry for the year-ending December 31. Introduction: The financial statements of a company include balance sheets , income statements, and cash flow statements. All these statements help the internal and external users of financial statements help in analyzing and concluding the financial position of the respective company. The journal entries have been prepared below: S. No. Particulars Debit ($) Credit ($) a. Wages expense Wages payable (To record wages expense incurred but yet to be paid.) 8,000 8,000 b. Depreciation expense Accumulated depreciation (To record depreciation expense incurred.) 18,000 18,000 c. Supplies expense Supplies (To record supplies expense incurred.) 5,000 5,000 d. Insurance expense Prepaid insurance (To record insurance expense incurred.) 2,800 2,800 e. Accounts receivable Interest revenue (To record interest revenue earned but yet to be received.) 1,050 1,050 f. Interest expense Interest payable (To record interest expense incurred but yet to be paid.) 2,500 2,500

CONNECT ONLINE ACCESS FOR FUNDAMENTAL AC

CONNECT ONLINE ACCESS FOR FUNDAMENTAL AC

25th Edition

ISBN: 9781266064173

Author: Wild

Publisher: MCG

See similar textbooks

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

Blurred answer

Chapter 3, Problem 8E

Chapter 3, Problem 10E

Students have asked these similar questions

Do fast answer of this question general accounting question

Don't use ai given answer general accounting question

General accounting

Chapter 3 Solutions

CONNECT ONLINE ACCESS FOR FUNDAMENTAL AC

Ch. 3 - Periodic reporting C1 Choose from the following...Ch. 3 - Prob. 2QS Ch. 3 - Identifying accounting adjustments Classify the...Ch. 3 - Concepts 0f adjusting entries During the year, a...Ch. 3 - Prepaid (deferred) expenses adjustments Pl For...Ch. 3 - Prepaid (deferred) expenses adjustments For each...Ch. 3 - Prob. 7QS Ch. 3 - Accumulated depreciation adjustments Pl For each...Ch. 3 - Adjusting for depreciation P1 For each separate...Ch. 3 - Unearned (deferred) revenues adjustments For each...

Ch. 3 - Adjusting for unearned (deferred) revenues P2 For...Ch. 3 - Accrued expenses adjustments Pl For each separate...Ch. 3 - Prob. 13QS Ch. 3 - Accrued revenues adjustments P4 For each separate...Ch. 3 - Recording and analysing adjusting entries A1...Ch. 3 - QS3-16 Determining effects of adjusting...Ch. 3 - Preparing an adjusted trial balance P5 Following...Ch. 3 - Prob. 18QS Ch. 3 - Prob. 19QS Ch. 3 - Prob. 20QS Ch. 3 - Preparing adjusting entries P4 Garcia Company had...Ch. 3 - Preparing adjusting entries P4 Cal Consulting...Ch. 3 - Prob. 1E Ch. 3 - Prob. 2E Ch. 3 - Prob. 3E Ch. 3 - Prob. 4E Ch. 3 - Prob. 5E Ch. 3 - Exercise 3-6 Preparing adjusting entries P1 P2 P3...Ch. 3 - Prob. 7E Ch. 3 - Prob. 8E Ch. 3 - Prob. 9E Ch. 3 - Prob. 10E Ch. 3 - Prob. 11E Ch. 3 - Prob. 12E Ch. 3 - Exercise 3-14 Preparing adjusting entries P1 P2 P3...Ch. 3 - Prob. 14E Ch. 3 - Prob. 15E Ch. 3 - Prob. 16E Ch. 3 - Prob. 17E Ch. 3 - Prob. 18E Ch. 3 - Prob. 19E Ch. 3 - Prob. 20E Ch. 3 - Problem 3-1A Identifying adjusting entries with...Ch. 3 - Problem 3-2B Preparing adjusting and subsequent...Ch. 3 - Problem 3-3A Preparing adjusting entries, adjusted...Ch. 3 - Problem 3-5A Preparing financial statements from...Ch. 3 - Problem 3-6A Recording prepaid expenses and...Ch. 3 - Prob. 1PSB Ch. 3 - Problem 3-2B Preparing adjusting and subsequent...Ch. 3 - Problem 3-3B Preparing adjusting entries, adjusted...Ch. 3 - Problem 3-5B Preparing financial statements from...Ch. 3 - Problem 3-6B Recording prepaid expenses and...Ch. 3 - Prob. 3SP Ch. 3 - Prob. 1GLP Ch. 3 - Using transactions from the following assignments,...Ch. 3 - Using transactions from the following assignments,...Ch. 3 - Prob. 4GLP Ch. 3 - Prob. 5GLP Ch. 3 - Prob. 1AA Ch. 3 - Key figures for the recent two years of both Apple...Ch. 3 - Key comparative figures for Samsung. Apple, and...Ch. 3 - Prob. 1DQ Ch. 3 - Why is the accrual basis of accounting generally...Ch. 3 - Prob. 3DQ Ch. 3 - What is a prepaid expense and where is it reported...Ch. 3 - What type of assets requires adjusting entries to...Ch. 3 - 6. What contra account is used when recording and...Ch. 3 - What is an accrued revenue? Give an example..Ch. 3 - 8. If a company initially records prepaid expenses...Ch. 3 - Prob. 1BTN Ch. 3 - Prob. 2BTN Ch. 3 - Access EDGAR online (SEC.gov) and locate the...Ch. 3 - Prob. 4BTN

Knowledge Booster

Background pattern image

Similar questions

SEE MORE QUESTIONS

Recommended textbooks for you

College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Century 21 Accounting General Journal
Accounting
ISBN:9781337680059
Author:Gilbertson
Publisher:Cengage
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage

Text book image

College Accounting, Chapters 1-27

Accounting

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:Cengage Learning,

Text book image

Principles of Accounting Volume 1

Accounting

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax College

Text book image

Century 21 Accounting General Journal

Accounting

ISBN:9781337680059

Author:Gilbertson

Publisher:Cengage

Text book image

Century 21 Accounting Multicolumn Journal

Accounting

ISBN:9781337679503

Author:Gilbertson

Publisher:Cengage

SEE MORE TEXTBOOKS