| Adjustments for worksheet
I am trying to do some adjustments and just want to know if I'm doing them right or if things need to be changed.....
a). supplies available at end of fiscal year had cost of 3200.
unadjusted supplies is 8900 so i subtracted the two and got a debit to supplies expense for 5700 and credit to supplies for 5700
b). The cost of expired insurance for fiscal year is 3900.
Debit insurance exp. 3900 and credit prepaid insurance 3900
c). Annual dep. on equip. is 8500.
Debit dep. exp.-equip. 8500 and credit accum. dep.-equip. 8500
d). utilities exp. of 550 is not included in unadj. trial balance b/c bill arrived after trial balance was prepared. 550 amount owed needs to be recorded
debit utilities exp 550 and credit acct. payable 550
e). employees earned 1600 accrued wages at end of fiscal year
debit wages expense 1600 and credit wages payable
f). Rent expense incurred and not yet paid or recorded at fiscal year-end is 200
debit rent expense 200 and credit rent payable 200
g). additional property taxes of 900 have been assessed for fiscal year but no been paid or recorded in accounts
debit property tax expense 900 and credit property tax payable 900
h). long-term note payable bears interest at 1% per month. The unadjusted interest expense account equals he amount paid for the first 11 months of the fiscal year. The 240 accrued interest has nott yet been paid or recorded. (the company is required to make a 5000 payment toward the not payable durin the next fiscal year)
debit interest expense 240 and credit interest payable 240
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