The following additional information relates to the company’s 2020 financial affairs and was provided in the first week of 2021 and are to be record same as adjusting entries:( Key each transaction by its letter and narrations are not required): O. Accrued salary expense, $19,500. P. Depreciation expense, $6,500. Q. Prepaid insurance expired, $24,000. R. Supplies on hand, $2,500. S. Unearned service revenue earned during 2020, $7,000. 5. Use the transactions in requirement 4 to update the affected T accounts. hello I did this question and in the adjusted journal entries for part R i use the total 16,500 instead of 2500 showing the transaction as dr cr supplies expense 16,500 supplies 16,500 would this be correct and if so why?
The following additional information relates to the company’s 2020 financial affairs and was provided in the first week of 2021 and are to be record same as adjusting entries:( Key each transaction by its letter and narrations are not required): O. Accrued salary expense, $19,500. P. Depreciation expense, $6,500. Q. Prepaid insurance expired, $24,000. R. Supplies on hand, $2,500. S. Unearned service revenue earned during 2020, $7,000. 5. Use the transactions in requirement 4 to update the affected T accounts. hello I did this question and in the adjusted journal entries for part R i use the total 16,500 instead of 2500 showing the transaction as dr cr supplies expense 16,500 supplies 16,500 would this be correct and if so why?
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter5: Sales And Receivables
Section: Chapter Questions
Problem 61E
Related questions
Question
- The following additional information relates to the company’s 2020 financial affairs and was provided in the first week of 2021 and are to be record same as
adjusting entries :( Key each transaction by its letter and narrations are not required):
O. Accrued salary expense, $19,500.
P.
Q. Prepaid insurance expired, $24,000.
R. Supplies on hand, $2,500.
S. Unearned service revenue earned during 2020, $7,000.
5. Use the transactions in requirement 4 to update the affected T accounts.
hello I did this question and in the adjusted
dr cr
supplies expense 16,500
supplies 16,500
would this be correct and if so why?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning