I have this quiz I'm doing and I'm completely stuck at this " Adjustments Needed at the end of 2004 " part.
1.It says that the company owes the employers 750
2.The office equipemnt has a useful lofe of five yrs and nor residual value. Record a full yr of depriciation for 2004.
3.4200 of the Prepaid insur. Has expire
and it's a couple more they give me. I don't know how to write that on my journal... PLEASE HELP ASAP.

We don't help people cheat on their tests... and a quiz is a test, not homework... put the phone away and do your test.

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Originally Posted by ;

I need some SERIOUS help on this
I have this quiz im doing and im completely stuck at this " Adjustments Needed at the end of 2004 " part.
1.It says that the company owes the employers 750
2.The office equipemnt has a useful lofe of five yrs and nor residual value. Record a full yr of depriciation for 2004.
3.4200 of the Prepaid insur. has expire
and its a couple more they give me. I dont know how to write that on my journal.... PLEASE HELP ASAP.

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Since you are trying to cheat DURING a test... here are the rules as to why we aren't going to help you before its over...

Read this first: Expectations for the Homework Help board
Do not simply retype or paste a question from your book or study material

We won't do your homework questions for you.
You were given the assignment for you to learn.

If you come up with your own answer and post it for us to critique that is within reason.

If you have some SPECIFIC questions that you couldn't find or didn't understand, we may help with that.
But this is your assignment, so show us you have at least attempted to complete it on your own.

Thank you.

It's a take home quiz SO I'm obviously NOT CHEATING!. FOR YOUR INFO I Don't HAVE MY PHONE MR SO CALLED NO IT ALL

Adjustments affect one balance sheet account and one Income statement account. So you need to figure what your adjustments will be and what accounts will be affected.

1. The amount is given to you. You just need to figure out what the accounts are.
2. You have to calculate the amount of depreciation. You are only missing the cost of the equipment, as the other information is given. Also you need to figure out what the accounts are.
3. The amount is given to you. You just need to figure out what the accounts are.

I don't know if my other one posted... But thanks for not bombarding me with rudness. I have been able to figure out question 2 and others like it but I have not been able to figure out questions 1 and 3... Ive been stuck on this for awhile now... I don't know as to where to find the accounts that correpsond with the problem.. Should I look on my General Ledger ? Or try to make and educated guess?. But thanks aqain for your kindness

I have so many questions to ask you... For question 1 " The company owes the employees $*850 for time worked on Decemeber. They will be paid in January. " Would it be Capital debit and Wages payable credit OR Unearned service rev debit and service rev credit ? Question 2 " The office equip. has a residual life of five yrs and no residual value. Record a full yr of depreciation. ( i believe i did the correct calculations and got answer for the ' full yr depriciation ' ) So would it be Depreciation exp debit and Accum. depr. credit ? Question 3 " $4200 of the prepaid insur. Has expired " that would be Insurance exp debit and Prepaid insur. Credit ?

1. I think this should be that the company owes its employees. This would be a Debit to Salaries Expense and a Credit to Salaries Payable for the amount given.

2. You are correct

3. You are correct