1 (of 6) 1 0.83 points Problem 4-234 LO 4-2, 4-4] the year have been joumalized
ID: 2339156 • Letter: 1
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1 (of 6) 1 0.83 points Problem 4-234 LO 4-2, 4-4] the year have been joumalized and posted The following information has been gathered for the adjustment process as of December 31,2016: B) The $1,500 premium relatin C) The D) On September 30, 2016, a customer paid S9.500 in advance for services. Of this amount, 30% was g to a one-year insurance policy was paid on 1, 2016 equipment, which was purchased last year, depreciates at a rate of $1,300 per year. eamed as of 12/31/16. are paid $2,600 on Fridays for the 5-day work week, which ends on that Friday. 31, 2016 falls on a Thursday However, The company has completed $560 of work for customers; the customers have not yet been billed and he related revenue has not been recorded. Required transactionlevent, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 2 6 Record adjusting entry given that the supplies account shows a balance of $990. A count of supplies revealed $320 on hand at 12/31/16.Explanation / Answer
a) Account titles & Explanations Debit Credit A. Supplies expense (990-320) 670 supplies 670 ( To record the supplies expense) B. Insurance expense (1500/12) 125 Prepaid Insurance 125 ( To record the insurance expense for the year) C. Depreciation 1,300 Accumulated Depreciation 1,300 ( To record the depreciation expense for the year) D. Unearned service revenue (9500*30%) 2,850 Service revenue 2,850 ( To record the recognition of the service revenue) E. Salary & wages expense(2600/5*4) 2080 salary & wages payable 2080 ( To record the recognition of the salaries expense) F. Account receivable 560 revenue 560 ( To record the recognition of the service revenue) Particulars Balance sheet Income statement Transactions Total Assets Total liabilities Stockholders equity Revenue Expenses Net income A 670 -670 670 -670 B -125 -125 125 -125 C -1300 -1300 1300 -1300 D -2850 2850 2850 2850 E 2080 -2080 2080 -2080 F 560 560 560 560 -865 -100 -765 3410 4175 -765
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