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 31, 2016: and $2680 of office supplies were purchased during the year. The December 31, 2017, physical count showed $354 of supplies available

Expert Solution

sno	accounts	debit	credit
a.	depreciation expense a/c	17,000
	................To accumulated depreciation -equipment		17,000

b	insurance expense a/c	3,220
	.............To prepaid insurance a/c		3,220
	(amount of expense=5000-1780 =>3,220)
c	supplies expense a/c	2,626
	...........To supplies a/c		2,626
	(supplies expense = opening stock +purchases -closing stock)=>(300+2680-354=>2,626)

ekkarill92 answered 2 years ago

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