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Sep 30, 2017 · Exercise 3-4 Preparing adjusting entries LO P1 Wages of $9,000 are earned by workers but not paid as of December 31, 2017. Depreciation on the company’s equipment for 2017 is $11,800. The Office Supplies account had a $460 debit balance on December 31, 2016. During 2017, $4,599 of office supplies are purchased.

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  • Adjusting entries [ 2 Answers ] The prepaid insurance account had a balance of $5600 at the beginning of the year. The account was debited for $1800 for premiums on policies purchased during the year. Journalize the adjusting entry required at the end of the year for each situation. (a) the amount of unexpired insurance...
  • The appropriate adjusting journal entry to be made at the end of the period would be to a. Debit Office Supplies Expense, $1,200; Credit Office Supplies, $1,200. b. Debit Office Supplies, $2,800; Credit Office Supplies Expense, $2,800. c. Debit Office Supplies Expense, $2,800; Credit Office Supplies, $2,800. d.

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Industrial buildings comprise significant type of construction. This type involves factories, laboratories, food-processing plants, mines, office buildings, stores, garages, hangars, and other storage He'll be back in a minute. 8. James …to Manchester for a few days on a business trip. He's returning tomorrow.

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Illustration: For Sierra Corporation, assume that depreciation on the office equipment is $480 a year, or $40 per month. Accumulated Depreciation-Equipment 40 Depreciation Expense 40 Oct. 31 Adjusting Entries for “Prepaid Expenses” SO 4 Prepare adjusting entries for deferrals.

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Nov 12, 2020 · On December 31, 2016, the unexpired portion of insurance (1,800 × 9/12 = $1,350) will be converted into asset by making the following adjusting entry. Notice that the amount for which adjustment is made is different under two methods but the final amounts are the same i.e., insurance expense $450 and prepaid insurance $1,350.

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Dec 13, 2020 · The basic journal entry for depreciation is to debit the Depreciation Expense account (which appears in the income statement) and credit the Accumulated Depreciation account (which appears in the balance sheet as a contra account that reduces the amount of fixed assets). Over time, the accumulated depreciation balance will continue to increase ...

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We have accumulated some experience in teaching and studying Business English and would be happy to share it with people interested in it. We hope that both students and teachers will find the information which could be helpful and interesting.

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On December 31, KLI Video Production had completed $3,000 worth of work for clients which has not yet been billed. Some companies have one accumulated depreciation account used for all long-term assets and others have a separate accumulated depreciation account for each long-term asset...

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Oct 04, 2014 · Depreciation of equipment for the year, $2,800. Accrued salaries and wages at July 31, $900. Unexpired insurance at July 31, $1,500. Fees earned but unbilled on July 31, $10,200. Supplies on hand at July 31, $615. Rent unearned at July 31, $300. I have already journalised the entries but am having trouble creating the adjusted trial balance ...

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Fees earned but unbilled on December 31 $4,850 F Company Trial Balance December 31 Cash $8,700 Accounts Receivable 20,600 Prepaid Insurance 4,400 Supplies 1,950 Land 45,000 Building 134,500 Accumulated Depreciation-Bldg $86,700 Equipment 80,100 Accumulated Depreciation-Equip. 61,300 Accounts Payable 7,500 Unearned Revenue 6,000 Capital Stock ...

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