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In: Accounting

Transactions: 1. Prepaid insurance of $645 has expired. 2. Supplies on hand at the end of...

Transactions:

1. Prepaid insurance of $645 has expired.
2. Supplies on hand at the end of the year total $1,525. The unadjusted balance was $2,700.
3. Monthly depreciation on equipment is $500.
4. Unearned revenue of $425 has now been earned by providing services.
5. Salaries for the month of $1,850 have not been paid.
6. The utility bill for $335 was received on the last day of the month and is unpaid.
7. Services provided but not collected in cash or recorded total $895.
8. Interest on a bank loan line of credit of $135 has accrued.
9. Supplies of $720 has been used.
10. Services have now been provided in the amount of $1,745 on a job that totalled $3,000. The total was paid previously by a customer.
11. Equipment was purchased for $10,000 and has a useful life of 5 years. The company records its depreciation monthly.
12. Services were provided for $1,295 but the accounting clerk forgot to prepare and send the invoice to the customer until after the end of the month.

Prepare the monthly adjusting journal entries for the above transactions. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date Account Titles and Explanation Debit Credit

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Expert Solution

ekkarill92 answered 2 years ago
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