60.1K

Verified Solution

Link Copied!

(This question is exactly the same that I posted)

Roland Company began operations on December 1 and needs assistance in preparing December 31 financial statements, including its year-end adjustments. The Tableau dashboard is provided to assist in the work.

Dec 1 Prepaid 24 month insurance policy (coverage starting immediately) for 2,400 cash

Dec 7 Purchased supplies for $2,000 cash

Dec 13 Agreed to do $10,000 worth of work telo over the next 30 days. Payment is to be received when the work is completed on Jan 12

Dec 24 Received cash in advance to perform work for ABX over the next four weeks

January 5 Paid wages $800 cash to workers

Jan 12 Received $10,000 cash from Telo for work performed over the last 30 days

TELO IS YELLOW 60% ABX is BLUE 25%

Supplies Remaining at Year-End: $700

Wages Earned by workers but not yet Paid at Year-ENd: $500

1. Record the journal entries required for December, excluding the December 31 year-end adjusting entries. 2. Record the December 31 year-end adjusting entries for (a) prepaid insurance, (b) supplies, (c) accrued wages, (d) accrued revenue, and (e) unearned revenue. 3. Record the journal entries required for January. 2) (DEC 07) Record the purchase of supplies

3) (DEC 13) Record the $10,000 worth of work agreed for Telo over the next 30 days.

4) (DEC 24) Record the cash received for services to be performed.

OPtions are the same for every table 1 through 4

Record the December 31 year-end adjusting entries for (a) prepaid insurance, (b) supplies, (c) accrued wages, (d) accrued revenue, and (e) unearned revenue.

2) (DEC 31) Record the supplies used

3) (DEC 31) Record the accrued wages of $500

4) (DEC 31) Record the revenue earned but not yet received on the Telo job.

5) (DEC 31) Record the revenue earned for services provided to ABX.

These are the options for every table 1 through 5

2) (JAN 12) Record the cash received for the Telo job assuming no reversing entries are made.

These are the options for every table 1 through 2

Selected December-January Transactions Purchased Insurance Started work for Telo Dec. 31 Year-End Finished Work for Telo Dec 1 (Dec 7 (Dec 13 Dec 24 Jan 5 Jan 12 Purchased Supplies Received Cash in Advance Wages Paid Additional Information as of December 31 Telo Job Completion at Year-End ABX Job Completion at Year-End Telo 60% Complete ABX 25% Complete Supplies Remaining at Year-End Wages Earned By Workers but not yet Paid at Year-End Journal entry worksheet 1 2 3 4 Record the purchase of insurance coverage. Note: Enter debits before credits. Date General Journal Debit Credit Dec 01

Answer & Explanation Solved by verified expert

See Answer