Question

Journalize the adjusting entry needed on December ​31, 2017​, end of the current accounting​ period, for each of the following independent cases affecting Nickelson Corp. Include an explanation for each entry. ​(Record debits​ first, then credits. Enter explanations on the last​ line.) a. Details of the Prepaid Insurance account reveal a January 1​ (beginning of the​ year) debit balance of $ 300 and a debit to the account on March 31 for $ 3 comma 800 to record the payment of an annual insurance premium. At December 31​, 2017​, $ 950 is still prepaid. Record the insurance expense for the year ended December 31​, 2017. Journal Entry Date Accounts and Explanation Debit Credit December 31 Insurance Expense 3150 Prepaid Insurance 3150 b. Nickelson pays employees each Friday. The amount of the weekly payroll is $ 5 comma 500 for a​ five-day work week. The end of the current accounting period falls on a Thursday. Record the accrual for salaries at the end of the period. Journal Entry Date Accounts and Explanation Debit Credit December 31 Salary Payable ▼ c. Nickelson has a note receivable. During the current​ year, the company has earned accrued interest revenue of $ 530 that it will receive next year. Record the earning of interest on the note receivable. Journal Entry Date Accounts and Explanation Debit Credit December 31 d. The beginning balance of supplies was $ 2 comma 900. During the​ year, Nickelson purchased supplies for $ 6 comma 000​, and at December 31 the supplies on hand is $ 1 comma 600. Record the necessary entry to adjust the Supplies account at the end of the year. Journal Entry Date Accounts and Explanation Debit Credit December 31 e. Nickelson is providing financial services for Manatawabi Investments​ Inc., and the owner of Manatawabi paid Nickelson $ 12 comma 900 as the annual service fee. Nickelson recorded this amount as Unearned Service Revenue. Nickelson estimates that it has earned​ one-third of the total fee during the current year. Record the entry at the end of the year. Journal Entry Date Accounts and Explanation Debit Credit December 31 f. Depreciation for the current year includes Office​ Furniture, $ 1 comma 200 and​ Equipment, $ 2 comma 740. Make a compound entry. Record the compound entry to record the depreciation. Journal Entry Date Accounts and Explanation Debit Credit December 31. to give journal entries

Answer 1

Answer- Journal Entries

Event	Account Title and Explanation	Debit ($)	Credit ($)
a.	Insurance Expenses	3,150
	Prepaid Insurance		3,150
	(Insurance expired recorded $300+$3,800-$950)
b.	Salary Expenses	4,400
	Salary Payable		4,400
	(Salary accrued for for the last week $5,500/ 5*4)
c.	Interest Receivable	530
	Interest Revenue		530
	($530 interest to be collected next year recorded)
d.	Supplies Expenses	7,300
	Supplies		7,300
	(Supplies used during the year $2,900+$6,000-$1,600)
e.	Unearned Service Revenue	4,300
	Service Revenue		4,300
	(Service revenue earned for the year $12,900*1/3)
f.	Depreciation Expense-Office Furniture	1,200
	Depreciation Expense-Equipment	2,740
	Accumulated Depreciation-Office Furniture		1,200
	Accumulated Depreciation-Equipment		2,740
	(Depreciation expense on furniture and office equipment)

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