Reference no: EM132633672

Problem - Adjusting Entries

For each of the following unrelated situations, prepare the necessary adjusting entry in general journal form:

a. Unrecorded depreciation on equipment is $1,100.

b. The Supplies account has a balance of $3,200. Supplies on hand at the end of the period totaled $1,200.

c. On the date for preparing financial statements, an estimated utilities expense of $600 has been incurred, but no utility bill has been received.

d. On the first day of the current month, rent for four months was paid and recorded as a $3,000 debit to Prepaid Rent and a $3,000 credit to Cash. Monthly statements are now being prepared.

e. Nine months ago, Macke Insurance Company sold a one-year policy to a customer and recorded the receipt of the premium by debiting Cash for $824 and crediting Unearned Premium Revenue $824. No adjusting entries have been prepared during the nine-month period. Annual financial statements are now being prepared.

f. At the end of the accounting period, employee wages of $800 have been incurred but not paid.

g. At the end of the accounting period, $700 of interest has been earned but not yet received on notes receivable that are held.