what to change? pare adjusting journal entries for...

60.1K

Verified Solution

Question

Accounting

what to change? image
image
image
pare adjusting journal entries for the year ended December 31 for each separate situation. a. Depreciation on the company's equipment for the year is computed to be $15,000. b. The Prepaid Insurance account had a $8,000 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $1,390 of unexpired insurance coverage remains. c. The Supplies account had a $490 debit balance at the beginning of the year, and $2,680 of supplies were purchased during the year. The December 31 physical count showed $578 of supplies available. d. Two-thirds of the work related to $12,000 of cash received in advance was performed this period. e. The Prepaid Rent account had a $5,400 debit balance at December 31 before adjusting for the costs of expired prepaid rent. An analysis of the rental agreement showed that $4,010 of prepaid rent had expired. f. Wage expenses of $6,000 have been incurred but are not paid as of December 31 . Prepare adjusting journal entries for the year ended December 31 for each separate situation

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