M4-4 Recording Adjusting Journal Entries [LO 4-2]
Prepare the adjusting journal entries for th...
Business, 22.02.2020 03:27, robert7248
M4-4 Recording Adjusting Journal Entries [LO 4-2]
Prepare the adjusting journal entries for the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
1.
Supplies for office use were purchased during the year for $860, of which $280 remained on hand (unused) at year-end.
2.
Interest of $430 on a note receivable was earned at year-end, although collection of the interest is not due until the following year.
3.
At year-end, salaries and wages payable of $5,400 had not been recorded or paid.
4.
At year-end, one-half of a $3,800 advertising project had been completed for a client, but nothing had been billed or collected.
5. Redeemed a gift card for $780 of services.
M4-6 Recording Adjusting Journal Entries [LO 4-2]
For each of the following transactions for the Sky Blue Corporation, prepare the adjusting journal entries required on October 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
a.
Collected $3,450 rent for the period October 1 to December 31, which was credited to Unearned Revenue on October 1.
b.
Paid $2,040 for a two-year insurance premium on October 1 and debited Prepaid Insurance for that amount.
c.
Used a machine purchased on October 1 for $52,200. The company estimates annual depreciation of $5,220.
M4-8 Recording Adjusting Journal Entries [LO 4-2]
For each of the following transactions for New Idea Corporation, prepare the adjusting journal entries required on July 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
a.
Received a $640 utility bill for electricity usage in July to be paid in August.
b.
Owed wages to 15 employees who worked three days at $140 each per day at the end of July. The company will pay employees at the end of the first week of August.
c.
On July 1, loaned money to an employee who agreed to repay the loan in one year along with $1,440 for one full year of interest. No interest has been recorded yet.
M4-9 Preparing Journal Entries for Deferral Transactions and Adjustments [LO 4-2]
For each of the following independent situations, prepare journal entries to record the initial transaction on September 30 and the adjustment required on October 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
a.
Hockey Helpers paid $2,400 cash on September 30 to rent an arena for the months of October and November.
b.
Super Stage Shows received $14,400 on September 30 for season tickets that admit patrons to a theatre event that will be held twice (on October 31 and November 30).
c.
Risky Ventures paid $1,800 on September 30 for insurance coverage for the months of October, November, and December.
Answers: 1
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