Question & Answer: Tools Hep 2 Homework Help Save&Enit Exercise 3-7 Preparing adjusting entries LO P1 o. Wages of S11,000 are earned by workers but not pald as of December 31, 2017…..

Tools Hep 2 Homework Help Save&Enit Exercise 3-7 Preparing adjusting entries LO P1 o. Wages of S11,000 are earned by workers but not pald as of December 31, 2017 b, Depreciation on the companys equipment for 2017 1s $10 360 c. The Office Supplies account had a $320 debit balance on December 31, 2016. Duning 2017, $5,740 of office supplies are d. The Prepaid Insurance account had a $5,000 balance on December 31, 2016. An analysis of insurance policies shows that $2,700 e. The comparry has earned (but not recorded) $600 of interest from investments in CDs for the year ended December 31. 2017 The f. The comparty has a bank loan and has incurred (but not recorded) interest expense of $3,000 for the year ended December 3 purchased. A physical count of supplies at December 31, 2017, shows $624 of supplies available. of unexpired insurance benefits remain at December 3t, 2017 interest revenue wil be receved on January 10, 2018 2017. The comparty must pay the interest on January 2, 2018 each of the above separate cases, prepare adjusting entries required of financial statements for the year ended (date off December 31, 2017 View transaction ist Journal entry worksheet wages of s12,000 are eaned by workers but not pald as of December 31, deb ts before K Prev 57Next > W E

Tools Hep 2 Homework Help Save&Enit Exercise 3-7 Preparing adjusting entries LO P1 o. Wages of S11,000 are earned by workers but not pald as of December 31, 2017 b, Depreciation on the company’s equipment for 2017 1s $10 360 c. The Office Supplies account had a $320 debit balance on December 31, 2016. Duning 2017, $5,740 of office supplies are d. The Prepaid Insurance account had a $5,000 balance on December 31, 2016. An analysis of insurance policies shows that $2,700 e. The comparry has earned (but not recorded) $600 of interest from investments in CDs for the year ended December 31. 2017 The f. The comparty has a bank loan and has incurred (but not recorded) interest expense of $3,000 for the year ended December 3 purchased. A physical count of supplies at December 31, 2017, shows $624 of supplies available. of unexpired insurance benefits remain at December 3t, 2017 interest revenue wil be receved on January 10, 2018 2017. The comparty must pay the interest on January 2, 2018 each of the above separate cases, prepare adjusting entries required of financial statements for the year ended (date off December 31, 2017 View transaction ist Journal entry worksheet wages of s12,000 are eaned by workers but not pald as of December 31, deb ts before K Prev 57Next > W E

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ADJUSTING ENTRIES : AS ON DECEMBER 31, 2017

DATE ACCOUNTS & EXPLANATION DEBIT CREDIT
a) Wages expenses a/c 11000
      Wages payable a/c 11000
(To record wages payable)
B) Depreciation expenses a/c 10360
       Accumlated depreciation a/c 10360
(To record depreciation)
C) Supplies expenses a/c 5436
       Supplies a/c 5436
(To record supplies adjusted)
D) Insurance expenses a/c 2300
        Prepaid insurance a/c 2300
(To record prepaid insurance adjusted)
E) Accured revenue a/c 600
       Interest revenue a/c 600
(To record interest revenue)
F) Interest expenses a/c 3000
        Interest payable a/c 3000
(To record interest payable)

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