66 boints a. Depreciation on the company's equipment for 2017 is computed to be $12,000....

90.2K

Verified Solution

Question

Accounting

image
66 boints a. Depreciation on the company's equipment for 2017 is computed to be $12,000. b. The Prepaid Insurance account had a $8,000 debit balance at December 31, 2017 before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $1,800 of unexpired insurance coverage remains. C. The Office Supplies account had a $390 debit balance on December 31, 2016: and $2.680 of office supplies were purchased during the year. The December 31, 2017, physical count showed $460 of supplies available. d. One-third of the work related to $15,000 of cash received in advance was performed this period. e. The Prepaid Insurance account had a $5.500 debit balance at December 31, 2017, before adjusting for the costs of any expired coverage. An analysis of insurance policies showed that $3.700 of coverage had expired. f. Wage expenses of $4,000 have been incurred but are not paid as of December 31, 2017 cBook Prepare adjusting journal entries for the year ended (date of) December 31, 2017 for each of these separate situations. View transaction list View journal entry worksheet Credit No Transaction Debit 12,000 References General Journal Depreciation expense Equipment Accumulated depreciation Equipment 12.000 6.200 Insurance expense Prepaid insurance 6.200 2610 Supples expense Supplies Uneamed revenue Revenue 3.700 Insurance expense Prepaid insurance 4000 Wages expense Wages payable

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students