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  • Feb 18, 2007, 09:46 PM
    jlford19
    Adjusted Entries
    Prepare year end adjusted entries for the following
    1 Office supplies had a balance of $168 on Jan 1. Purchases debited to office supplies during the year amount to $830. A year end inventory reveals supplies of $570 oon hand.
    2. Depreciation of office equipment is estimated to be $4,260 for the year
    3 property taxes for six months, estimated to be $1,750, have accrued but have not been recorded.
    4 Unrecorded interest recievable on U.S. government bonds is $1,700
    5 Unearned revenue has a balance of $1,800. Services for$600 received in advance have now been preformed
    6. Services totaling $400 have been performed, the customer has not yet been billed.

    Please Help me, I am so lost on this Thanks!!
  • Feb 18, 2007, 10:38 PM
    CaptainForest
    What do YOU think the answer is?
  • Feb 19, 2007, 07:00 AM
    jlford19
    1.DR office supplies expense 830
    CR office supplies 168
    2.DR depreciation Expense 4,260
    CR Accumulated depreciation 4,260
    3.DR Taxes Expense 1,750
    CR Urecorded revenue,1750
    4, CR Unrecorded Interest 1,700
    DR ?
    5.CR Unearned Revenue
    DR Services Preformed
    6. CR services Preformed
    DR Unearned Revenue

    I think this is somewhat right, I know it's not all right Could you please help with what I Did wrong Thanks
  • Feb 19, 2007, 08:47 PM
    CaptainForest
    Remember, that for every transactions, your TOTAL DEBITS MUST EQUAL YOUR TOTAL CREDITS.

    1) Office supplies had a balance of $168 on Jan 1. Purchases debited to office supplies during the year amount to $830. A year end inventory reveals supplies of $570 oon hand.

    Office Supplies Account:
    Opening Balance 168
    Purchases 830
    Used Up??
    Ending Balance 570

    Therefore, must have used up $428

    Dr. Supplies Expense 428
    Cr. Supplies 428


    2) Depreciation of office equipment is estimated to be $4,260 for the year

    Dr. Depreciation 4,260
    Cr. Accumulated Depreciation 4,260


    3) property taxes for six months, estimated to be $1,750, have accrued but have not been recorded.

    Dr. Property Taxes Expense 1,750
    Cr. Property Taxes Payable 1,750


    4) Unrecorded interest receivable on U.S. government bonds is $1,700

    Dr. Interest Receivable 1,700
    Cr. Interest Revenue 1,700


    5) Unearned revenue has a balance of $1,800. Services for$600 received in advance have now been preformed

    Dr. Unearned Revenue 600
    Cr. Revenues 600


    6) Services totaling $400 have been performed, the customer has not yet been billed.
    Dr. AR 400
    Cr. Sales 400
  • Feb 20, 2007, 08:51 PM
    KongTheKonqueror
    Also at this point, one side of the entry will affect an income statement account and the other side will affect a balance sheet account. Also do not make any adjustments to cash or equity.

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