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Search the web 150+ of the best case study e X ds DocSend X A AppAnnie-The App Analytic+ https://newconnect.mheducation. html - Homework Help Saved Save & Exit Fes Company is making adjusting journal entries for the year ended December 31, 2018. In developing information for the adjusting journal entries, you learned the following a A two-year insurance premium of $9,000 was paid on January 1, 2018, for coverage beginning on that date. As of December 31, 2018, the unadjusted balances were $9,000 for Prepaid Insurance and $0 for Insurance Expense. b. At December 31, 2018, you obtained the following data relating to supplies. nce in Supplies on December 31, 2018 lance in Supplies Expense on Decenber 31, 2018 $24, 000 90, 000 17,200 Supplies on hand, counted on Decenber 31, 2018 nes Required: Prepare adjusting journal entries at December 31, 2018, for (a) insurance, and (b) supplies. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet General Journal Debit Credit No Transaction 9,000 a Prepaid InsuranceExplanation / Answer
Adjusting entries will be made as follows;
Transaction
General Journal
Debit
Credit
(a).
Insurance Expense ($9000 / 2)
$4500
Prepaid Insurance
$4500
(Adjusting entry for recording expired insurance expense)
(b).
Supplies Expense ($24000 - $17200)
$6800
Supplies
$6800
(Adjusting entry for recording supplies expenses)
Transaction
General Journal
Debit
Credit
(a).
Insurance Expense ($9000 / 2)
$4500
Prepaid Insurance
$4500
(Adjusting entry for recording expired insurance expense)
(b).
Supplies Expense ($24000 - $17200)
$6800
Supplies
$6800
(Adjusting entry for recording supplies expenses)
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