1. Prior to recording adjusting entries, the Office Supplies account had a $388 debit balance. A...

1. Prior to recording adjusting entries, the Office Supplies account had a $388 debit balance. A physical count of the supplies showed $98 of unused supplies available. The required adjusting entry is:

2.On July 1 of the current calendar year, Olive Co. paid $8,500 cash for management services to be performed over a two-year period beginning July 1. Olive follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. The adjusting entry on December 31 of the current year for Olive would include:

3. On January 1, a company purchased a five-year insurance policy for $2,300 with coverage starting immediately. If the purchase was recorded in the Prepaid Insurance account, and the company records adjustments only at year-end, the adjusting entry at the end of the first year is:

4.On May 1, a two-year insurance policy was purchased for $12,000 with coverage to begin immediately. What is the amount of insurance expense that would appear on the company's income statement for the first year ended December 31.

5.Fragmental Co. leased a portion of its store to another company for eight months beginning on October 1, at a monthly rate of $1,300. Fragmental collected the entire $10,400 cash on October 1 and recorded it as unearned revenue. Assuming adjusting entries are only made at year-end, the adjusting entry made by Fragmental Co. on December 31 would be:

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Expert Solution

Journal entries are as follows:-

ekkarill92 answered 1 year ago

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