80.2K

Verified Solution

Link Copied!

	Prepaid Insurance May 5 4,300 ? 1,250 Wages Payable ? 5,400 Unearned Sales Revenue May 10 9,500 ? 2,250 Interest Receivable ? 825 Required: Analyze each account and recreate the journal entries that were made. For deferrals, be sure to include the original journal entry as well as the adjusting journal entry. Month end is May 31, 2019.
CHART OF ACCOUNTS
Gardner Company
General Ledger
ASSETS 111 Cash 121 Accounts Receivable 122 Notes Receivable 123 Supplies 124 Prepaid Insurance 125 Prepaid Rent 126 Inventory 127 Interest Receivable 130 Investment 131 Land 132 Buildings 133 Equipment 134 Furniture 135 Trucks 139 Accumulated Depreciation LIABILITIES 211 Accounts Payable 212 Notes Payable 213 Income Taxes Payable 214 Wages Payable 215 Utilities Payable 216 Insurance Payable 217 Rent Payable 221 Interest Payable 222 Unearned Service Revenue 223 Unearned Rent Revenue 231 Unearned Sales Revenue EQUITY 311 Common Stock 321 Retained Earnings 331 Dividends 350 Income Summary	REVENUE 411 Sales Revenue 412 Service Revenue 413 Interest Income 414 Rent Revenue EXPENSES 511 Cost of Goods Sold 512 Advertising Expense 513 Supplies Expense 514 Utilities Expense 515 Rent Expense 516 Insurance Expense 521 Wages Expense 531 Interest Expense 532 Depreciation Expense 541 Income Taxes Expense

Answer & Explanation Solved by verified expert

See Answer