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:

Expert Solution

Journal entries are as follows:-

ekkarill92 answered 2 years ago

Account Unadjusted trial balance(debit) Unadjusted trial balance(credit Adjusting entries(debit) adjusting entries(credit) adjusted trial balance(debit) Adjusted trial...

Account Unadjusted trial balance(debit) Unadjusted trial balance(credit Adjusting entries(debit) adjusting entries(credit) adjusted trial balance(debit) Adjusted trial balance(credit) Cash 32,236.75 32,236.75 baking supplies 18,500 18,500 merchandise inventory(fifo) 175.65 175.65 prepaid rent 1500 1500 prepaid insurance 2400 2400 baking equipment 6000 6000 accumulated depreciation 208.33 208.33 office supplies 600 600 accounts receivable 7700 7700 notes payable 10,000 10,000 wages payable 480 480 common stock 16,000 16,000 dividends 10,000 10,000 bakery sales 55,000 55,000 merchandise sales 221 221 baking supplies expense rent expense...

1) A company had $4,300 in its “Supplies” account before adjusting entries. A physical count showed...

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The December 31, Year 1, unadjusted trial balance for a company is presented below. AccountsDebitCreditCash$9,900Accounts Receivable14,900Prepaid Rent7,080Supplies3,900Deferred Revenue$2,900Common Stock10,000Retained Earnings5,900Service Revenue51,480Salaries Expense34,500$70,280$70,280 At year-end, the following additional information is available:The balance of Prepaid Rent, $7,080, represents payment on October 31, Year 1, for rent from November 1, Year 1, to April 30, Year 2.The balance of Deferred Revenue, $2,900, represents payment in advance from a customer. By the end of the year, $725 of the services have been provided.An additional $600 in...

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