arch We G Gmail ?https! counting Chapter 3 New tab McGraw Hill Camp : McGraw ,tl

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arch We G Gmail ?https! counting Chapter 3 New tab McGraw Hill Camp : McGraw ,tlap Correct Help . Wages of $7,000 are earned by workers but not paild as of December 31, 2017 c. The Office Supplies account had a $410 debit balance on December 31, 2016. During 2017, $5,074 of ofmice supples are purchased. b. Depreciation on the company's equipment for 2017 is $10,960 A physical count of supplies at December 31, 2017, shows $557 of supplies avaliable d. The Prepaid Insurance account had a $5,000 balance on December 31, 2016. An analysis of insurance policies shows that $1,800 of unexpired Insurance benents remain at December 31, 2017 e. The company has earned (but not recorded) $600 of interest from investments in CDs for the year ended December 31, 2017. The interest revenue will be received on January 2018 t. The company has a bank loan and has incurred (but not recorded) interest expense of $3,000 tor the year ended December 3 2017. The company must pay the interest on January 2. 2018 For each of the above separate cases, prepare adjusting entries required of financial statements for the year ended (date of) December 31, 2017 Journal entry worksheet The company has earned (but not recorded) $600 of interest from investments in CDs for the year ended December 31, 2017. The interest revenue will be received on January 10, 2018

Explanation / Answer

Transaction General Journal Debit   Credit e. Interest Receivable $      600 Interest Revenue $      600 f. Interest Expense $   3,000 Interest Payable $   3,000

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