a. Depreciation on the company\'s equipment for 2017 is computed to be $14.000 b

Question

a. Depreciation on the company's equipment for 2017 is computed to be $14.000 b. The Prepaid Insurance account had a $5,000 debit balance at Decembe coverage. An analysis of the company's insurance policies showed that ots7:32) c. The Office Supplies account had a $4 $1.750 of unexpired insurance coverage remains 50 debit balance on December 31, 2016; and $2.680 of office supplies were purchased during year. The December 31, 2017 physical count showed $531 of supplies available. d. Two-thirds of the work related to $12.000 of cash received in advance was performed this e. The Prepaid Insurance account had a $5100 debit balance at December 31, 2017, before a coverage. An analysis of insurance policies showed that $3,350 of coverage had expired. f. Wage expenses of $5.000 have been incurred but are not paid as of December 31, 2017 period djusting for the costs of any expired eBook Prepare adjusting journal entries for the year ended (date of) December 31. 2017, for each of these separate situations View transaction list Journal entry worksheet Depreciation on the company's equipment for 2017 is computed to be $14,000 Note: Enter debits before credits. Debit Credit

Explanation / Answer

Transaction General Journal Debit Credit a) Depreciation expense $14,000 Accumulated depreciation $14,000 b) Insurance expense ($5,000 - $1,750) $3,250 Prepaid insurance $3,250 c) Office supplies expense ($450 + $2,680 - $531) $2,599 Office supplies $2,599 d) Unearned fee revenue ($12,000 * 2/3) $8,000 Fee revenue $8,000 f) Insurance expense   $3,350 Prepaid insurance $3,350 g) Wages expense $5,000 Wages Payable $5,000

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