Based on the following selected data, journalize the adjusting entries as of December 31 of the current year. For a compound transaction, if an amount box does not require an entry, leave it blank. If no entry is required, select "No entry required" and leave the amount boxes blank. a. Estimated uncollectible accounts at December 31, $16,000, based on an aging of accounts receivable. The balance of Allowance for Doubtful Accounts at December 31 was $2,000 (debit).b. The physical inventory on December 31 indicated an inventory shrinkage of $3,300.c. Prepaid insurance expired during the year, $22,820.d. Office supplies used during the year, $3,920.e. A patent costing $48,000 when acquired on January 2 has a remaining legal life of 10 years and is expected to have value for 8 years. f. The cost of mineral rights was $546,000. Of the estimated deposit of 910,000 tons of ore, 50,000 tons were mined and sold during the year. g. Vacation pay expense for December, $10,500.h. Interest was accrued on the $100,000, 9% note receivable received on October 17. Assume 360 days per year.

An adjusting entries is a journal entries made at the conclusion of an accounting period in a company's general ledger to note any unrealized revenue or expenses of that period.

Adjusting Entries:

a) Debit Un collectible Expenses $18,000

             Credit Allowance for Doubtful Accounts $18,000

(To bring the balance to $18,000)

b) Debit Cost of Goods Sold $3,300

                   Credit Inventory Account $3,300

(To record inventory shrinkage).

c) Debit Insurance Expense $22,820

                 Credit Insurance Prepaid Account $22,820

(To record expired insurance for the year.)

d) Debit Supplies Expense $3,920

                      Credit Supplies Account $3,920

(To record office supplies used during the year).

e) Debit Patent Amortization Expense $6,000

                                                    Credit Patent $6,000

(To record impaired value from 10 to 8 years.)

f) Debit Cost of Goods Sold (Depletion) $30,000

                                                 Credit Mineral Rights $30,000

(To record depletion or cost of goods sold.)

g) Debit Wages & Salaries $10,500

                    Credit Wages & Salaries Payable $10,500

(To record vacation pay for December.)

h) Debit Interest on Notes Receivable $1,875

                                        Credit Interest on Notes $1,875

(To record 9% interest accrued for 75 days).

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Journal

Adjusting Entries:

a) Debit Uncollectible Expenses $18,000

Credit Allowance for Doubtful Accounts $18,000

To bring the balance to $16,000.

b) Debit Cost of Goods Sold $3,300

Credit Inventory Account $3,300

To record inventory shrinkage.

c) Debit Insurance Expense $22,820

Credit Insurance Prepaid Account $22,820

To record expired insurance for the year.

d) Debit Supplies Expense $3,920

Credit Supplies Account $3,920

To record office supplies used during the year.

e) Debit Patent Amortization Expense $6,000

Credit Patent $6,000

To record impaired value from 10 to 8 years.

f) Debit Cost of Goods Sold (Depletion) $30,000

Credit Mineral Rights $30,000

To record depletion or cost of goods sold.

g) Debit Wages & Salaries $10,500

Credit Wages & Salaries Payable $10,500

To record vacation pay for December.

h) Debit Interest on Notes Receivable $1,875

Credit Interest on Notes $1,875

To record 9% interest accrued for 75 days.

Explanation:

a) The Allowance for Doubtful Accounts will be brought to a balance of $16,000.  Since it has a debit balance of $2,000, this is added to get $18,000 which is expensed for the year.

b) Inventory shrinkage increases the cost of goods sold and reduces the inventory account.

c) The expiration of the prepaid insurance means that the amount will be charged to Insurance Expense Account.

d) Office supplies used during the year is an expense.

e) A patent is an intangible asset, which is subject to annual amortization and impairment.  Since the asset was acquired on January 2 with a legal life of 10 years, but expected to have a value for 8 years.  8 years is used to calculate the amortization expense instead of 10 years.

f) Mineral Rights are intangible assets, but they are subject to depletion.  The depletion represents the cost of goods sold.  This is calculated as follows: $546,000 x 50,000/910,000 = $30,000.

g) Vacation pay is part of the Wages & Salaries and should be accrued for the year.

h) Interest on Notes Receivable is calculated as follows: $100,000 x 9% x 75/360 days = $1,875.

i) Adjusting entries are end of the accounting period journal entries used to recognize or accrue income or expenses, which are business transactions that occurred but are not accurately displayed in the records. They balance debits and credits before the financial statements are prepared.

answer; a large down payment,a longer term loan, would result in a lower monthly payment;

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