Section B---Adjustments Information for Golden Rams Company for the year ended D

Question

Section B---Adjustments Information for Golden Rams Company for the year ended December 31 is presented below. Journalize the following adjusting entries. You may omit the date and explanation. 1. Golden Rams pays weekly salaries of $20,000 on Friday for a five-day workweek ending on that day. December 31 ends on Wednesday. supplies account had a beginning balance of $1,500 and was debited for $3,000 for supplies purchased during the year. The amount of supplies on hand at year-end is $1,200. 2. The 3. The balance in the Unearned Rent account, before adjustment at December 31 was $10,000. The amount of Unearned Rent at the end of the year is $4,000. 4. At December 31, $13,000 of fees have been earned but have not been billed to clients. S. The estimated amount of depreciation on equipment for the current year is $5,000.

Explanation / Answer

1 Salaries expense 12000 =20000/5*3         Salaries payable 12000 2 Supplies expense 3300 =1500+3000-1200       Supplies 3300 3 Unearned rent 6000 =10000-4000       Rent revenue 6000 4 Accounts receivable 13000        Fees earned 13000 5 Depreciation expense 5000       Accumulated depreciation-Equipment 5000

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