Business, 07.03.2020 05:31 cabriantenpenny

Preparing adjusting entries LO P1.

A. wages of $6,000 are earned by workers but not paid as of December 31, 2017.

B. Depreciation on the company's equipment for 2017 is $11,200.

C. The office supplies account had a $440 debit balance on December 31, 2016. During 2017, $4,983 of office supplies are purchased. A physical count of supplies at December 31st, 2017, shows $548 of supplies available.

D. The prepaid Insurance account had a $5,000 balance on December 31, 2016. An Analysis of insurance policies shows that t $3200 of unexpired insurance benefits remain at December 31, 2017.

E. The company has earned (but not recorded) $900 of interest from Investments in CDs for the year ended December 31, 2017. The interest Revenue will be received on January 10, 2018.

F. The company has a bank loan and has incurred (but not recorded) interest expense of $4,000 for the year ended December 31, 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.

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Preparing adjusting entries LO P1.

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