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a. Depreciation on the company's equipment for the year is computed to be $14,000. 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 $1,220 of unexpired insurance coverage remains. c. The Office Supplies account had a $390 debit balance at the beginning of December; and $2,680 of office supplies were purchased in December. The December 31 physical count showed $460 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 $5,200 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of rental policies showed that $3,980 of rental coverage had expired. f. Wage expenses of $2,000 have been incurred but are not paid as of December 31. Prepare adjusting journal entries for the year ended (date of) December 31 for each of these separate situations.

a. Depreciation on the company's equipment for the year is computed to be $14,000. 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 $1,220 of unexpired insurance coverage remains. c. The Office Supplies account had a $390 debit balance at the beginning of December; and $2,680 of office supplies were purchased in December. The December 31 physical count showed $460 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 $5,200 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of rental policies showed that $3,980 of rental coverage had expired. f. Wage expenses of $2,000 have been incurred but are not paid as of December 31. Prepare adjusting journal entries for the year ended (date of) December 31 for each of these separate situations.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter3: Review Of A Company's Accounting System
Section: Chapter Questions
Problem 1P: Adjusting Entries The following information is available for Drake Company, which adjusts and closes...
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View transaction list Journal entry worksheet 1 4 5 6 > Depreciation on the company's equipment for the year is computed to be $14,000. Note: Enter debits before credits. Transaction General Journal Debit Credit а. Record entry Clear entry View general journal
Transcribed Image Text:View transaction list Journal entry worksheet 1 4 5 6 > Depreciation on the company's equipment for the year is computed to be $14,000. Note: Enter debits before credits. Transaction General Journal Debit Credit а. Record entry Clear entry View general journal
a. Depreciation on the company's equipment for the year is computed to be $14,000. 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 $1,220 of unexpired insurance coverage remains. c. The Office Supplies account had a $390 debit balance at the beginning of December; and $2,680 of office supplies were purchased in December. The December 31 physical count showed $460 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 $5,200 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of rental policies showed that $3,980 of rental coverage had expired. f. Wage expenses of $2,000 have been incurred but are not paid as of December 31. Prepare adjusting journal entries for the year ended (date of) December 31 for each of these separate situations. View transaction list Journal entry worksheet 1 2 4 5 > Depreciation on the company's equipment for the year is computed to be $14,000. CO
Transcribed Image Text:a. Depreciation on the company's equipment for the year is computed to be $14,000. 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 $1,220 of unexpired insurance coverage remains. c. The Office Supplies account had a $390 debit balance at the beginning of December; and $2,680 of office supplies were purchased in December. The December 31 physical count showed $460 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 $5,200 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of rental policies showed that $3,980 of rental coverage had expired. f. Wage expenses of $2,000 have been incurred but are not paid as of December 31. Prepare adjusting journal entries for the year ended (date of) December 31 for each of these separate situations. View transaction list Journal entry worksheet 1 2 4 5 > Depreciation on the company's equipment for the year is computed to be $14,000. CO
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