Verne Cova Company has the following balances in selected accounts on December 31, 2014. Accounts Receivable $ -0-
Accumulated Depreciation—Equipment -0-
Equipment 7,000
Interest Payable -0-
Notes Payable 10,000
Prepaid Insurance 2,100
Salaries and Wages Payable -0-
Supplies 2,450
Unearned Service Revenue 30,000
All the accounts have normal balances. The information below has been gathered at December 31, 2014.
1. Verne Cova Company borrowed $10,000 by signing a 12%, one-year note on September 1, 2014.
2. A count of supplies on December 31, 2014, indicates that supplies of $900 are on hand.
3. Depreciation on the equipment for 2014 is $1,000.
4. Verne Cova Company paid $2,100 for 12 months of insurance coverage on June 1, 2014.
5. On December 1, 2014, Verne Cova collected $30,000 for consulting services to be performed from December 1, 2014, through March 31, 2015.
6. Verne Cova performed consulting services for a client in December 2014. The client will be billed $4,200.
7. Verne Cova Company pays its employees total salaries of $9,000 every Monday for the preceding 5-day week (Monday through Friday). On Monday, December 29, employees were paid for the week ending December 26. All employees worked the last 3 days of 2014.
Instructions:
Prepare adjusting entries for the seven items described above.

Answer and Explanation:

The adjusting journal entries are shown below:

1) Interest Expense $400  ($10,000 × 12% × 3 months ÷ 12 months)

          Interest Payable $400

(Being interest expense is recorded)

2) Supplies expense $1,500  ($2,450 - $900)

            To Supplies $1,550

(being supplies expense is recorded)

3) Depriciation expense $1,000

        Accumulated depriciation - equipment $1,000

(being depreciation expense is recorded)  

4) Insurance expense $1,225  ($2,100 × 7 months ÷ 12 months)

              To Prepaid insurance $1,225

(Being insurance expense is recorded)

5) Unearned service revenue $7,500 ($30,000 ÷ 4)

                  Service revenue  $7,500

(being service revenue is recorded)

6) Account receivable $4,200

        To Service revenue $4,200

(being account receivable is recorded)

7) Salaries and wages expense $5,400  ($9,000 ÷ 5 days × 3 days)

                To Salaries and wages payable $5,400

(being salaries & wages expense is recorded)

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