Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. adjusting entries - for each of the following unre

Adjusting Entries - For each of the following unrelated situations, prepare the necessary adjusting entry...

70.2K

Verified Solution

Question

Accounting

Adjusting Entries - For each of the following unrelated situations, prepare the necessary adjusting entry in general journal form:

a. Unrecorded depreciation on equipment is 1,850

b. The supplies account has a balance of 5,000. Supplies on hand at the end of the period total $2,500

c. On the date for preparing financial statements, an estimated utilities expense of $550 has been incurred, but no utility bill has been received.

d. On the first day of the current month, rent for four months was paid and recorded as a $2,800 debit to Prepaid Rent and a $2,800 credit to Cash. Monthly statements are now being prepared.

e. Nine months ago, Macke Insurance Company sold a one-year policy to a customer and recorded the receipt of the premium by debiting Cash for $624 and crediting Unearned Premium Revenue for $624. No adjusting entries have been prepared during the nine-month period. Annual financial statements are now being prepared.

f. At the end of the accounting period, employee wages of $700 have been incurred but not paid.

g. At the end of the accounting period, $800 of interest has been earned but not yet received on notes receivable that are held.

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

Medical Sciences
1.2K views

Put these nerve pathways in proper order from stimulus to cerebrum. Eye 1. visual cortex 2. optic (II) nerve 3....

Psychology
1.2K views

What separates state and federal powers and what basic powers does each have?

Physics
1.2K views

29 A thin disk of radius R is held closing the opening of a thin...

Physics
1.2K views

The position of a particle is given by r 3ti 2t j 1k m where...

Algebra
1.2K views

Perform the indicated operations 8d d 6 3d 2d 8d d 6 3d 2d Type...

Accounting
1.2K views

Question 3 [25 points] The folowing intormaton is avalaele for Segura...

Accounting
1.2K views

Cul de los siguientes se muestra en el balance general, as como en el estado...

Accounting
1.2K views

Carmen Camey operates a consulting firm called Help Today, which began operations on August 1....

Accounting
1.2K views

Cane Company manufactures two products called Alpha and Beta that sell for $155 and $115,...

Accounting
1.2K views

use info to prepare a COGM statement and a COGS statement for Paradise Marina as...

Accounting
1.2K views

Income statement, owners equity and balance sheet: Accounts Payable $3,500. Accounts Receivable $7,000. Building $13,000....

Accounting
1.2K views

Sales mix and break-even sales unit selling price and the unit variable cost for each...