[jlford19]

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!!

[CaptainForest]

What do YOU think the answer is?

[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

[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

[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.