Question

In: Accounting

Adjusting Entries The following selected accounts appear in the Albany Company's unadjusted trial balance as of December 31, the end of the fiscal year (all accounts have normal balances):


Adjusting Entries The following selected accounts appear in the Albany Company's unadjusted trial balance as of December 31, the end of the fiscal year (all accounts have normal balances):

Prepaid Advertising$4,200
Unearned Service Fees$8,400
Wages Expense46,800
Service Fees Earned90,000
Prepaid Insurance6,420
Rental Income7,900

Required
Prepare the necessary adjusting entries in the general journal as of December 31, assuming the following:

Prepaid advertising at December 31 is $1,100.

Unpaid wages earned by employees in December are $1,600.

Prepaid insurance at December 31 is $2,580.

Unearned service fees at December 31 are $3,300.

Rent revenue of $1,300 owed by a tenant is not recorded at December 31.


General Journal
Date

Description   

debit. credit

Ref.DebitCredit


To record advertising expense._________________________________To record accrued wages at December 31.To record insurance expense.To transfer fees earned from unearned fees.




To record rent earned but not yet recorded.


Solutions

Expert Solution

• Prepaid advertisement account Debit. $1,100

Advertising account Credit. $1,100

• Wages account Debit $1,600

Wages payable /outstanding Credit $1,600

• Prepaid Insurance account Debit $2,580

Insurance account Credit $2,580

• Service fees earned Debit $3,300

Unearned service fees Credit. $3,300

• Rent revenue receivable Debit $1,300

Rent account Credit. $1,300

Prepaid advertising =$4,200+1,100

Wages expenses =$46,800+1,600

Prepaid insurance =$6,420+2,580

Unearned service fees =$8,400+3,300

Service fees earned =$90,000-3,300

Rental income $7,900+1,300

ekkarill92 answered 2 years ago
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