a. Deposits in transit b. Service charge c. NSF check from customer d. Outstandi

Question

a. Deposits in transit b. Service charge c. NSF check from customer d. Outstanding checks e. Interest earned on bank balance f. Bank collection of note receivable e. The business credited Cash for $ 550. The correct amount was $5,500. h. The bank incorrectly decreased the business's account for a check Written by another company REQUIREMENTS: Indicate the correct answer for each situation. QUESTION 3 (20 POINTS) Consider the following situations for Kendall Welding Co. The unadjusted balance of the Office Supplies account is $ 4,800. Office supplies on a. hand total $ 900. b. Equipment depreciation was $855. Salaries expense is $ 2,000 per day, Monday through Friday, and the business pays c. employees each Friday. This year December 31 falls on a Thursday. d. Services performed but not recorded totaled $1,500. REQUIREMENTS: Journalize the adjusting entry needed on December 31 for each situation. Use the letters to abel the journal entries. Explanations are not required.

Explanation / Answer

In the books of Kendall Welding Co.

Adjustment Account Titles Debit Credit Dec 31 $ $ a. Office Supplies Expense 3,900 Office Supplies 3,900 b. Depreciation Expense 855 Accumulated Depreciation : Equipment 855 c. Salaries Expense 8,000 Salaries Payable 8,000 d. Accounts Receivable 1,500 Service Revenue 1,500

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