kazie15
Feb 18, 2009, 05:08 PM
I am needing some help to make sure I am recording the following adjustments correctly. I have worked them out, but I am not confident in my answers. The following are the adjustments and below that is how I recorded the adjustments.
a. The supplies available at the end of fiscal year 2005 has a cost of 3,200.00.
(Supplies currently are at 8,900.00 and Supply Expense is at 0.00)
RECORD: 5,700 CR to Supplies
5,700 DR to Supplies expense
b. The cost of expired insurance for the fiscal year is $3,900.00
(Prepaid insurance is currently at 6,200 and Insurance expense is at 0.00)
RECORD: 3,900 CR to Prepaid Expenses
3,900 DR to Insurance Expense
c. Annual Depreciation on equipment is $8,500.00
RECORD: 8,500 CR Accumulated depreciation - Equipment
8,500 DR Depreciation Expense - Equipment
d. The June utilities expense of 550 is not included in the unadjusted Trial Balance because the bill arrived after the trial balance was prepared. The 550.00 amount owed needs to be recorded.
RECORD: 550.00 CR (added line) Utilities payable
550.00 DR Utilities expense
e. The Company's employees have earned earned 1600 of accrued wages at fiscal year end.
RECORD: 16000 CR Wages Payable
16000 DR Wages Expense
f. The rent expense incurred and not yet paid or recorded at fiscal year but have not been paid or recorded in the accounts.
RECORD: 200 CR Rent Payable
200 DR Rent Expense
g. Additional property taxes of 900 have been assessed for this fiscal year but have not been paid or recorded in the accounts.
RECORD: 900 CR Property Tax
900 DR Property Tax expense
h. Part I. The long term not payable bears interest of 1% per month The unadjusted Interest Expense account equals the amount paid for the first 11 months of 2005 Fiscal year. The $ 240 accrued interest for June has not yet been paid or record.
RECORD: 240 CR Interest Payable
240 DR Interest Expense
h. Part II. Note that the company is required to make a $5000.00 payment toward note payable during the 2006 Fiscal year. 3
RECORD: No entry?
a. The supplies available at the end of fiscal year 2005 has a cost of 3,200.00.
(Supplies currently are at 8,900.00 and Supply Expense is at 0.00)
RECORD: 5,700 CR to Supplies
5,700 DR to Supplies expense
b. The cost of expired insurance for the fiscal year is $3,900.00
(Prepaid insurance is currently at 6,200 and Insurance expense is at 0.00)
RECORD: 3,900 CR to Prepaid Expenses
3,900 DR to Insurance Expense
c. Annual Depreciation on equipment is $8,500.00
RECORD: 8,500 CR Accumulated depreciation - Equipment
8,500 DR Depreciation Expense - Equipment
d. The June utilities expense of 550 is not included in the unadjusted Trial Balance because the bill arrived after the trial balance was prepared. The 550.00 amount owed needs to be recorded.
RECORD: 550.00 CR (added line) Utilities payable
550.00 DR Utilities expense
e. The Company's employees have earned earned 1600 of accrued wages at fiscal year end.
RECORD: 16000 CR Wages Payable
16000 DR Wages Expense
f. The rent expense incurred and not yet paid or recorded at fiscal year but have not been paid or recorded in the accounts.
RECORD: 200 CR Rent Payable
200 DR Rent Expense
g. Additional property taxes of 900 have been assessed for this fiscal year but have not been paid or recorded in the accounts.
RECORD: 900 CR Property Tax
900 DR Property Tax expense
h. Part I. The long term not payable bears interest of 1% per month The unadjusted Interest Expense account equals the amount paid for the first 11 months of 2005 Fiscal year. The $ 240 accrued interest for June has not yet been paid or record.
RECORD: 240 CR Interest Payable
240 DR Interest Expense
h. Part II. Note that the company is required to make a $5000.00 payment toward note payable during the 2006 Fiscal year. 3
RECORD: No entry?