M4-4 Recording Adjusting Journal Entries [LO 4-2]
Prepare the adjusting journal entries for th...
Business, 25.02.2020 17:19 evanwall91
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]
Answers: 2
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