ACCT 201 Case Fall 2015 Page 7 Question 7: Using the following data, prepare the

Question

ACCT 201 Case Fall 2015 Page 7 Question 7: Using the following data, prepare the adjusting entries for the month ended February 28, 2016, a. Insurance expired during February. $1,800 b. Supplies on February 1 were $1,900 with $5,400 of supplies purchased during February. A count of supplies on February 28 indicated $1,200 on hand. c. Fees earned but not yet billed $2,700 d. Depreciation on equipment for February $3,900 e. Employees are paid $2,800 every Friday. February 28 is a Tuesday Date Account Titles Ref Debit Credit

Explanation / Answer

Date Account Titles Ref Debit Credit Feb-28 Insurance Expense a 1800 Prepaid Insurance 1800 Feb-28 Supplies Expense b 6100 Inventory 6100 (1900+5400-1200) Feb-28 Cash c 2700 Unearned revenue 2700 Feb-28 Depreciation d 3900 Accumulated depreciation Equipmnet 3900 Feb-28 Employees Wages e 2800 Wages outstanding 2800

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