??Additional information: ??a. An insurance policy examination showed $1,240 of
ID: 2497287 • Letter: #
Question
??Additional information:
??a. An insurance policy examination showed $1,240 of expired insurance.?
b. An inventory count showed $210 of unused shop supplies still available.?
c. Depreciation expense on shop equipment, $350.?
d. Depreciation expense on the building, $2,220.
?e. A beautician is behind on space rental payments and $200 of accrued revenue was unrecorded at the time the trial balance was prepared.
?f. $800 of the Unearned Rent account balance was earned by year-end.?
g. The one employee, a receptionist, works a five-day workweek at $50 per day. The employee was paid last week but has worked four days this week for which she has not been paid.?
h. Three months' property taxes, totaling $450, have accrued. This additional amount of property taxes expense has not been recorded.
?i. One month's interest on the note payable, $600, has accrued but is unrecorded. ?
Required: Based on the additional information, prepare the adjusting journal entries for Bella's Beauty Salon.
Explanation / Answer
Journal Entries S.NO. Accounts Debit $ Credit $ a Insurance Expense 1,240 Prepaid Insurance 1,240 b Supplies Expense 780 Shop Supplies 780 c Depreciation Expense - Shop 350 Accumulated Depreciation - Shop 350 d Depreciation Expense - Building 2,220 Accumulated Depreciation - Building 2,220 e Accrued Rental Receivable 200 Rent Earned 200 f Unearned Rent 800 Rent Earned 800 g Wages Expense 200 Wages Payable 200 h Property Tax Expense 450 Property Tax Payable 450 i Interest Expense 600 Interest Payable 600
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