000i na55. Selected accounts of Farm Company are shown below as of January 31 of the current year, before anyadjusting entries have been made. Farm Company's accounting year begins on January 1DebitCreditPrepaid rent$12,600SuppliesOffice equipment9,90025,200Unearned service fees$18,000Wages expense24,000Use the following information to prepare the necessary January 31 adjusting entries:(6) Prepaid rent represents rent for January, February, March, and April.(7) January 31 supplies on hand total $3,900.(8) Office equipment is expected to last 12 years.(9) Last month the firm received $18,000 of service fees in advance. One-half of these fees wereearned during January.(10)Accrued wages not recorded at January 31 are $2,850.

Question
Asked Oct 10, 2019
3 views
000
i na
55. Selected accounts of Farm Company are shown below as of January 31 of the current year, before any
adjusting entries have been made. Farm Company's accounting year begins on January 1
Debit
Credit
Prepaid rent
$12,600
Supplies
Office equipment
9,900
25,200
Unearned service fees
$18,000
Wages expense
24,000
Use the following information to prepare the necessary January 31 adjusting entries:
(6) Prepaid rent represents rent for January, February, March, and April.
(7) January 31 supplies on hand total $3,900.
(8) Office equipment is expected to last 12 years.
(9) Last month the firm received $18,000 of service fees in advance. One-half of these fees were
earned during January.
(10)Accrued wages not recorded at January 31 are $2,850.
help_outline

Image Transcriptionclose

000 i na 55. Selected accounts of Farm Company are shown below as of January 31 of the current year, before any adjusting entries have been made. Farm Company's accounting year begins on January 1 Debit Credit Prepaid rent $12,600 Supplies Office equipment 9,900 25,200 Unearned service fees $18,000 Wages expense 24,000 Use the following information to prepare the necessary January 31 adjusting entries: (6) Prepaid rent represents rent for January, February, March, and April. (7) January 31 supplies on hand total $3,900. (8) Office equipment is expected to last 12 years. (9) Last month the firm received $18,000 of service fees in advance. One-half of these fees were earned during January. (10)Accrued wages not recorded at January 31 are $2,850.

fullscreen
check_circle

Expert Answer

Step 1

Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to update the income statement accounts (revenue and expenses) a...

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in

Business

Accounting

Related Accounting Q&A

Find answers to questions asked by student like you
Show more Q&A
add
question_answer

Q: Prepare Journal Entries in a Purchases Journal Guardian Services Inc. had the following transactions...

A: a.Prepare a purchase journal.

question_answer

Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item availabl...

A: Periodic inventory system:The method or system of recording the transactions related to inventory oc...

question_answer

Q: What are some similarities and differences between a General Fund and a Special Revenue Fund?

A: The government collects revenues in the form of taxes and duties and maintains the funds for public ...

question_answer

Q: Can someone please help me solve these problems?

A: In the above first journal entry, at the time of issue, Cash is debited as there is an increase in t...

question_answer

Q: Right Size Corporation manufactures faucets. Several weeks ago, the company received a special-order...

A: Process firms accumulate production costs by process or department for a given period of time. Proce...

question_answer

Q: I am a bit lost on this problem.  There is a solution posted already HOWEVER the solution does not m...

A: Click to see the answer

question_answer

Q: The following units of a particular item were available for sale during the calendar year: Jan. 1...

A: Calculate the cost of merchandise sold and ending inventory. (Weighted average method).

question_answer

Q: How to conver a balance sheet to a common size balance sheet

A: Common size Balance is expressed in percentages form. The individual assets are represented as a per...

question_answer

Q: Pina Windows manufactures and sells custom storm windows for three-season porches. Pina also provide...

A: Click to see the answer