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a. Depreciation on the company's wind turbine equipment for the year is $6,600. b. The Prepaid Insurance account for the solar panels had a $3,600 debit balance at December 31 before adjusting for the costs of any expired coverage. Analysis of prepaid insurance shows that $1,400 of unexpired insurance coverage remains at year-end. c. The company received $7,800 cash in advance for sustainability consulting work. As of December 31, one-third of the sustainability consulting work had been performed. d. As of December 31, $2,800 in wages expense for the organic produce workers have been incurred but not yet paid. e. As of December 31, the company has earned, but not yet recorded, $560 of interest revenue from investments in socially responsible bonds. The interest revenue is expected to be received on January 12. For each of the above separate cases, prepare the required December 31 year-end adjusting entries.

a. Depreciation on the company's wind turbine equipment for the year is $6,600. b. The Prepaid Insurance account for the solar panels had a $3,600 debit balance at December 31 before adjusting for the costs of any expired coverage. Analysis of prepaid insurance shows that $1,400 of unexpired insurance coverage remains at year-end. c. The company received $7,800 cash in advance for sustainability consulting work. As of December 31, one-third of the sustainability consulting work had been performed. d. As of December 31, $2,800 in wages expense for the organic produce workers have been incurred but not yet paid. e. As of December 31, the company has earned, but not yet recorded, $560 of interest revenue from investments in socially responsible bonds. The interest revenue is expected to be received on January 12. For each of the above separate cases, prepare the required December 31 year-end adjusting entries.

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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a. Depreciation on the company's wind turbine equipment for the year is $6,600. b. The Prepaid Insurance account for the solar panels had a $3,600 debit balance at December 31 before adjusting for the costs of any expired coverage. Analysis of prepaid insurance shows that $1,400 of unexpired insurance coverage remains at year-end. c. The company received $7,800 cash in advance for sustainability consulting work. As of December 31, one-third of the sustainability consulting work had been performed. d. As of December 31, $2,800 in wages expense for the organic produce workers have been incurred but not yet paid. e. As of December 31, the company has earned, but not yet recorded, $560 of interest revenue from investments in socially responsible bonds. The interest revenue is expected to be received on January 12. For each of the above separate cases, prepare the required December 31 year-end adjusting entries. View transaction list Journal entry worksheet 1 2 Transaction a. 3 Depreciation on the company's wind turbine equipment for the year is $6,600. Note: Enter debits before credits. 4 5 General Journal Debit Credit
Transcribed Image Text:a. Depreciation on the company's wind turbine equipment for the year is $6,600. b. The Prepaid Insurance account for the solar panels had a $3,600 debit balance at December 31 before adjusting for the costs of any expired coverage. Analysis of prepaid insurance shows that $1,400 of unexpired insurance coverage remains at year-end. c. The company received $7,800 cash in advance for sustainability consulting work. As of December 31, one-third of the sustainability consulting work had been performed. d. As of December 31, $2,800 in wages expense for the organic produce workers have been incurred but not yet paid. e. As of December 31, the company has earned, but not yet recorded, $560 of interest revenue from investments in socially responsible bonds. The interest revenue is expected to be received on January 12. For each of the above separate cases, prepare the required December 31 year-end adjusting entries. View transaction list Journal entry worksheet 1 2 Transaction a. 3 Depreciation on the company's wind turbine equipment for the year is $6,600. Note: Enter debits before credits. 4 5 General Journal Debit Credit
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