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lart Time: 09:19 PM/ Remaining: 40 min. CALCULATOR PRINTER VERSION BACK NEXT RCES Question 18 The following data relate to the accounts of Wildhorse Company. a. Unpaid salaries and wages at year end amount to $570. b. Wildhorse Company owns bonds of another corporation that pay annual interest of $1,520. These bonds were purchased on April 1, 2020, and the next interest payment will be received on April 1, 2021. A two-year insurance policy was purchased on June 1, 2020. The $2,640 insurance premium was paid on that date and was debited to Prepaid Insurance. Service Revenue was credited for $1,320 on June 1, 2020. The amount represents a one-year advance payment for services to be performed by Edminston Company d. through May 31, 2021. C. The Supplies account shows a balance of $2,600 on December 31, 2020. A physical count of the supplies on hand at this date reveals a total of $1,660 available. e. Prepare the necessary adjusting journal entries indicated by each item for the year ended December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit No. Account Titles and Explanation a. C. udy Activat Go toSe d. 11:09 PM 3/15/2020 b. amount is entered. Do not indent manually.) 31, 2020. (Credit acosunt fithes No. Account Titles and Explanation Debit Credit a. b. C. d. I e. is by Study SHOW LIST OF ACCOUNTS Attewinds Question Attempts: 0 of 1 used SA OR LATER 11:09 PM 345/2020 here to search

lart Time: 09:19 PM/ Remaining: 40 min. CALCULATOR PRINTER VERSION BACK NEXT RCES Question 18 The following data relate to the accounts of Wildhorse Company. a. Unpaid salaries and wages at year end amount to $570. b. Wildhorse Company owns bonds of another corporation that pay annual interest of $1,520. These bonds were purchased on April 1, 2020, and the next interest payment will be received on April 1, 2021. A two-year insurance policy was purchased on June 1, 2020. The $2,640 insurance premium was paid on that date and was debited to Prepaid Insurance. Service Revenue was credited for $1,320 on June 1, 2020. The amount represents a one-year advance payment for services to be performed by Edminston Company d. through May 31, 2021. C. The Supplies account shows a balance of $2,600 on December 31, 2020. A physical count of the supplies on hand at this date reveals a total of $1,660 available. e. Prepare the necessary adjusting journal entries indicated by each item for the year ended December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit No. Account Titles and Explanation a. C. udy Activat Go toSe d. 11:09 PM 3/15/2020 b. amount is entered. Do not indent manually.) 31, 2020. (Credit acosunt fithes No. Account Titles and Explanation Debit Credit a. b. C. d. I e. is by Study SHOW LIST OF ACCOUNTS Attewinds Question Attempts: 0 of 1 used SA OR LATER 11:09 PM 345/2020 here to search

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter4: Income Measurement And Accrual Accounting
Section: Chapter Questions
Problem 4.1P: Adjusting Entries Kretz Corporation prepares monthly financial statements and therefore adjusts its...
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lart Time: 09:19 PM/ Remaining: 40 min. CALCULATOR PRINTER VERSION BACK NEXT RCES Question 18 The following data relate to the accounts of Wildhorse Company. a. Unpaid salaries and wages at year end amount to $570. b. Wildhorse Company owns bonds of another corporation that pay annual interest of $1,520. These bonds were purchased on April 1, 2020, and the next interest payment will be received on April 1, 2021. A two-year insurance policy was purchased on June 1, 2020. The $2,640 insurance premium was paid on that date and was debited to Prepaid Insurance. Service Revenue was credited for $1,320 on June 1, 2020. The amount represents a one-year advance payment for services to be performed by Edminston Company d. through May 31, 2021. C. The Supplies account shows a balance of $2,600 on December 31, 2020. A physical count of the supplies on hand at this date reveals a total of $1,660 available. e. Prepare the necessary adjusting journal entries indicated by each item for the year ended December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit No. Account Titles and Explanation a. C. udy Activat Go toSe d. 11:09 PM 3/15/2020 b.
Transcribed Image Text:lart Time: 09:19 PM/ Remaining: 40 min. CALCULATOR PRINTER VERSION BACK NEXT RCES Question 18 The following data relate to the accounts of Wildhorse Company. a. Unpaid salaries and wages at year end amount to $570. b. Wildhorse Company owns bonds of another corporation that pay annual interest of $1,520. These bonds were purchased on April 1, 2020, and the next interest payment will be received on April 1, 2021. A two-year insurance policy was purchased on June 1, 2020. The $2,640 insurance premium was paid on that date and was debited to Prepaid Insurance. Service Revenue was credited for $1,320 on June 1, 2020. The amount represents a one-year advance payment for services to be performed by Edminston Company d. through May 31, 2021. C. The Supplies account shows a balance of $2,600 on December 31, 2020. A physical count of the supplies on hand at this date reveals a total of $1,660 available. e. Prepare the necessary adjusting journal entries indicated by each item for the year ended December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit No. Account Titles and Explanation a. C. udy Activat Go toSe d. 11:09 PM 3/15/2020 b.
amount is entered. Do not indent manually.) 31, 2020. (Credit acosunt fithes No. Account Titles and Explanation Debit Credit a. b. C. d. I e. is by Study SHOW LIST OF ACCOUNTS Attewinds Question Attempts: 0 of 1 used SA OR LATER 11:09 PM 345/2020 here to search
Transcribed Image Text:amount is entered. Do not indent manually.) 31, 2020. (Credit acosunt fithes No. Account Titles and Explanation Debit Credit a. b. C. d. I e. is by Study SHOW LIST OF ACCOUNTS Attewinds Question Attempts: 0 of 1 used SA OR LATER 11:09 PM 345/2020 here to search
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