Reference no: EM132664387
Problem 1: For each of the following unrelated situations, prepare the necessary adjusting entry in general journal form:
a. Unrecorded depreciation on equipment is $1,910.
b. The Supplies account has a balance of $4,290. Supplies on hand at the end of the period totaled $2,400.
c. On the date for preparing financial statements, an estimated utilities expense of $1,690 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 $4,100 debit to Prepaid Rent and a $4,100 credit to Cash. Monthly statements are now being prepared.
e. Nine months ago, Solid Insurance Company sold a one-year policy to a customer and recorded the receipt of the premium by debiting Cash for $1,924 and crediting Unearned Premium Revenue $1,924. 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 $2,265 have been incurred but not paid.
g. At the end of the accounting period, $1,600 of interest has been earned but not yet received on notes receivable that are held.
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Make the necessary adjusting entry in general journal form
: Make the necessary adjusting entry in general journal form Supplies account has a balance of $4,290. Supplies on hand at the end of the period totaled $2,400.
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