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Make adjusting entries for the seven items described

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Reference no: EM132569428

Question - Ivanhoe Company has the following balances in selected accounts on December 31, 2017. Ivanhoe has a calendar year end.

Accounts Receivable $0

Accumulated Depreciation-Equipment 0

Equipment 6,900

Interest Payable 0

Notes Payable 8,100

Prepaid Insurance 2,148

Salaries Payable 0

Supplies 2,520

Unearned Revenue 30,600

All the accounts have normal balances. The information below has been gathered at December 31, 2017.

1. Ivanhoe Company borrowed $8,100 by signing a 4%, one-year note on September 1, 2017.

2. A count of supplies on December 31, 2017, indicates that supplies of $950 are on hand.

3. Depreciation on the equipment for 2017 is $990.

4. Ivanhoe Company paid $2,148 for 12 months of insurance coverage on June 1, 2017.

5. On December 1, 2017, Ivanhoe collected $30,600 for consulting services to be performed evenly from December 1, 2017, through March 31, 2018.

6. Ivanhoe performed consulting services for a client in December 2017. The client will be billed $5,100. Payment from the customer is expected on January 15, 2018.

7. Ivanhoe Company pays its employees total salaries of $10,000 every Wednesday for the preceding five-day week (Monday through Friday). On Wednesday, January 3, 2018, employees were paid for the last five weekdays of 2017.

Required - Make adjusting entries for the seven items described above.

Reference no: EM132569428

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