Preparing and Journalizing Adjusting EntriesFor each of the following separate situations, prepare thenecessary adjustments...

Preparing and Journalizing Adjusting Entries

For each of the following separate situations, prepare the necessary adjustments (a) using the financial statement effects template and (b) in journal entry form.

1. Unrecorded depreciation on equipment is $1,220.
2. On the date for preparing financial statements, an estimated utilities expense of $780 has been incurred, but no utility bill has yet been received or paid.
3. On the first day of the current period, rent for four periods was paid and recorded as a $5,600 debit to Prepaid Rent and a $5,600 credit to Cash.
4. Nine months ago, The Hartford Financial Services Group sold a one-year policy to a customer and recorded the receipt of the premium by debiting Cash for $1,248 and crediting Unearned Premium Revenue for $1,248. No adjusting entries have been prepared during the nine-month period. Hartford's annual financial statements are now being prepared.
5. At the end of the period, employee wages of $1,930 have been incurred but not yet paid or recorded.
6. At the end of the period, $600 of interest income has been earned but not yet received or recorded.

(a) using the financial statement effects template

Balance SheetTransactionCash Asset+Noncash Assets-Contra Assets=Liabilities+Contributed Capital+Earned Capital(1) Adjusting entry for depreciation: equipment+-=++(2) Adjusting entry for utilities expense+-=++(3) Adjusting entry for rent expense+-=++(4) Adjusting entry for premium revenues+-=++(5) Adjusting entry for wage expense+-=++(6) Adjusting entry for interest earned+-=++

Income StatementRevenue-Expenses=Net Income-=-=-=Correct

Expert Solution

ANSWER

ekkarill92 answered 2 years ago

For each of the following separate situations, prepare the necessary adjustments (a) using the financial statement...

For each of the following separate situations, prepare the necessary adjustments (a) using the financial statement effects template and (b) in journal entry form. 1. Unrecorded depreciation on equipment is $1,220. 2. On the date for preparing financial statements, an estimated utilities expense of $780 has been incurred, but no utility bill has yet been received or paid. 3. On the first day of the current period, rent for four periods was paid and recorded as a $5,600 debit to...

The following three separate situations require adjusting journal entries to prepare financial statements as

Question: The following three separate situations require adjusting journal entries to prepare financial statements asof April 30. For each situation, present both:∙ The April 30 adjusting entry.∙ The subsequent entry during May to record payment of the accrued expenses.Entries can draw from the following partial chart of accounts: Cash; Accounts Receivable; PrepaidInterest; Salaries Payable; Interest Payable; Legal Services Payable; Unearned Revenue; Revenue; SalariesExpense; Interest Expense; Legal Services Expense; Depreciation Expense.a. On April 1, the company retained an attorney for a...

Describe the adjustments in the production possibilities curves in each of the following situations for the...

Describe the adjustments in the production possibilities curves in each of the following situations for the Canadian economy. Explain thoroughly with words + graph in each of the below scenarios. (a) (1.5 points) the economy moves from full employment into a deep recession (b) (1.5 points) the economy makes great strides in eliminating discrimination (c) (1.5 points) the end of the Cold War leads to cuts in military spending (d) (1.5 points) the government significantly increases spending for health and...

Prepare adjusting journal entries for the year ended December 31, 2017 for each of these separate...

Prepare adjusting journal entries for the year ended December 31, 2017 for each of these separate situation a) Depreciation on the company's equipment for 2017 is computed to be $17,000 b) The Prepaid Insurance account had a $5000 debit balance at December 31, 2017, before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $1780 of unexpired insurance coverage remains. c) The office supplies account had a $300 debit balance on December...

This problem has several parts journalizing adjusting entries, preparing a ledger using T accounts, adjusted trial...

This problem has several parts journalizing adjusting entries, preparing a ledger using T accounts, adjusted trial balance, income statement, retained earnings statement, classifed balance sheet and determine which accounts to close at end of the month. HELP!!!! The Pharoah Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31. PHAROAH HOTEL Trial Balance May 31, 2022 Debit Credit Cash $ 2,473 Supplies 2,600 Prepaid Insurance 1,800 Land 14,973 Buildings 72,400 Equipment 16,800...

Prepare any necessary adjusting entries on December 31, 2017, for Piper Company’s year-end financial statements for each of the following separate transactions and events

Question: Prepare any necessary adjusting entries on December 31, 2017, for Piper Company’s year-end financial statements for each of the following separate transactions and events. 1. Piper Company records a year-end entry for $10,000 of previously unrecorded cash sales (costing $5,000) and its sales taxes at a rate of 4%. 2. The company earned $50,000 of $125,000 previously received in advance and originally recorded as unearned services revenue

For the following situations, make adjusting entries necessary to prepare government-wide financial statements. Where appropriate, take...

For the following situations, make adjusting entries necessary to prepare government-wide financial statements. Where appropriate, take account of the amounts reported in the fund-level financial statements. A) To prepare its government-wide financial statements for the year ended December 31, 2015, the city reported a $900,000 long-term liability for estimated judgments and claims. At December 31, 2016, the city estimated that the long-term liability would be $935,000. (Hint: Carry forward the starting liability and adjust for the increase.) B) A city...

Discuss all the adjustments that occur for the following situations. a.) If BCA + BKA <...

Discuss all the adjustments that occur for the following situations. a.) If BCA + BKA < 0 and the currency floats freely, what can the government do to reduce or eliminate the deficit? b.) How would your answer to a.) change if the currency is fixed? c.) What might happen to BRA if the currency is fixed and there is a deficit? What does your answer imply for the foreign currency holdings of the deficit country? d.) Does the BOP...

For each of the following transactions for the Sky Blue Corporation, prepare the adjusting journal entries...

For each of the following transactions for the Sky Blue Corporation, prepare the adjusting journal entries required on October 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Collected $2,550 rent for the period October 1 to December 31, which was credited to Deferred Revenue on October 1. Paid $1,320 for a two-year insurance premium on October 1 and debited Prepaid Insurance for that amount. Used a machine purchased on...

Prepare journal entries to record each of the following four separate issuances of stock.

Prepare journal entries to record each of the following four separate issuances of stock. A corporation issued 5,000 shares of $5 par value common stock for $30,000 cash. A corporation issued 2,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $56,500. The stock has a $2 per share stated value. A corporation issued 2,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth...

Question