Question:Journalize the required returns! Include excel formula in your answer BeforeAfterDifference ReasonAdjustment AdjustmentRpRpRp150Interest still has to be received150 Interest earned but not receivedEquipmentPrepaid Insuranceinterest is paid in advanceEquipment loadInsurance Expense1,240510730 Depreciation charged on equipment640 Insurance expired80 Prepaid interest730 Depreciation charged on equipment640 Insurance Expense1,8601,22080730640Interest income400550150 Interest earned but not receivedInterest Expense36028080 Prepaid interest DateParticularsL/F Debit(Rp) Credit(Rp)1Interest receivable150Interest income150(To record the adjustment of interest receivable)2 Depreciation expense730Equipment load730|(To record the depreciation expense of equipment)3 Insurance expense640Prepaid insurance640(To record the insurance expense)4 Prepaid interest80Interest expense|(To record the prepaid interest)80

An adjusting journal entry is usually made at the end of an accounting period to recognize an income…

Before After Difference Reason Adjustment Adjustment Rp Rp Rp Interest still has to be received 150 150 Interest earned but not received Equipment Prepaid Insurance interest is paid in advance Equipment load Insurance Expense Interest income 730 Depreciation charged on equipment 640 Insurance expired 80 Prepaid interest 730 Depreciation charged on equipment 640 Insurance Expense 1,240 510 1,860 1,220 80 730 640 400 550 150 Interest earned but not received Interest Expense 360 280 80 Prepaid interest

Before After Difference Reason Adjustment Adjustment Rp Rp Rp Interest still has to be received 150 150 Interest earned but not received Equipment Prepaid Insurance interest is paid in advance Equipment load Insurance Expense Interest income 730 Depreciation charged on equipment 640 Insurance expired 80 Prepaid interest 730 Depreciation charged on equipment 640 Insurance Expense 1,240 510 1,860 1,220 80 730 640 400 550 150 Interest earned but not received Interest Expense 360 280 80 Prepaid interest

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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