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Adjusting journal entries

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Question: Adjusting Journal Entries:

At year-end (December 31), the following adjustment information is available. Using the information below, record all adjusting journal entries?

1. By the end of the year, interest of $700 (to be received next year) had been earned by Alpha from a loan made to Omega.

2. Earlier in the year, Alpha received $12,000 cash from a customer for services to be performed in the future. The entire amount was recorded as revenue. By the end of the year, $8,000 of the services had been performed.

3. On January 1, Alpha purchased equipment for $50,000, paying $20,000 down, and issuing a 1-year, 10% note for the balance. The equipment has a 10-year life and salvage value of $5,000. Straight-line depreciation is used. Record any required AJE for depreciation.

4. The interest in 3. above won't be paid until the note matures next year. Record any required AJE for interest.

5. Alpha prepaid $1,000 of insurance and recorded it as an expense. Insurance of $300 has not been used.

Reference no: EM132419012

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