Reference no: EM132314954
Question
Hwang Ltd. has the following balances in selected accounts on December 31, 2020.
Prepare adjusting entries from selected data.
Accounts ReceivableNT$ -0-
Accumulated Depreciation-Equipment-0-
Equipment7,000
Interest Payable-0-
Notes Payable10,000
Prepaid Insurance2,100
Salaries and Wages Payable-0-
Supplies2,450
Unearned Service Revenue32,000
All the accounts have normal balances. The information below has been gathered at December 31, 2020.
1. Hwang borrowed NT$10,000 by signing a 9%, one-year note on September 1, 2020.
2. A count of supplies on December 31, 2020, indicates that supplies of NT$900 are on hand.
3. Depreciation on the equipment for 2020 is NT$1,000.
4. Hwang paid NT$2,100 for 12 months of insurance coverage on June 1, 2020.
5. On December 1, 2020, Hwang collected NT$32,000 for consulting services to be performed from December 1, 2020, through March 31, 2021.
6. Hwang performed consulting services for a client in December 2020. The client will be billed NT$4,200.
7. Hwang pays its employees total salaries of NT$9,000 every Monday for the preceding 5-day week (Monday through Friday). On Monday, December 29, employees were paid for the week ending December 26. All employees worked the last 3 days of 2020.
Instructions
Prepare annual adjusting entries for the seven items described above.
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