Question

In: Accounting

December 31, 20XX, according to the Trial Balance, the Office Supplies account has a balance of...

December 31, 20XX, according to the Trial Balance, the Office Supplies account has a balance of 2,100.00. Adjustment data reveals that 960.00 of office supplies are on hand at the end of the period. Journalize the adjusting entry.

December 31, 20XX, according to the Trial Balance, the Store Supplies account has a balance of 3,000.00.
Adjustment data reveals that 2,000.00 of store supplies have been used at the end of the period. Journalize the adjusting entry.

December 31, 20XX, according to the Trial Balance, the Prepaid Insurance account has a balance of 6,000.00.
Adjustment data reveals the 6,000 of Prepaid Insurance was purchased on August 1, 20XX.
Journalize the adjusting entry.

December 31, 20XX, according to the Trial Balance, the Salaries Expense account has a balance of 62,800.00.
Adjustment data reveals that Unpaid Salaries are 1,075.00 Journalize the adjusting entry.

December 31, 20XX, according to the Trial Balance, the Equipment account has a balance of 37,700.00.
Adjustment data reveals that Depreciation Expense is 3,500.00.
Journalize the adjusting entry.

Enter the date.
Enter the debit.
Enter the credit.
Enter a brief explanation.

Expert Solution

The adjusting journal entries are explained below.

1. Office Supplies account balance: 2,100.00

Office supplies on hand at the end of the period : 960.00

Office supplies consumed during the period :1140

Therefore, the adjusting journal entry to record the Office supplies consumed is:

December 31, 20XX Dr. Office Supplies Expense A/C 1140.00

Cr. Office Supplies A/C 1140.00

(To record the amount of office supplies consumed during the period)

2. The adjusting journal entry to record the store supplies consumed is:

December 31, 20XX Dr. Store Supplies Expense A/C 2,000.00

Cr. Store Supplies A/C 2,000.00

(To record the amount of store supplies consumed during the period)

3. Amount of Prepaid Insurance purchased on August 1, 20XX : 6,000

The adjusting entry will be recorded for the Prepaid Insurance expired from August 1st to December 31st i.e for 5 months = 6000 * 5/12 = 2500

December 31, 20XX Dr. Insurance Expense A/C 2,500.00

Cr. Prepaid Insurance A/C 2,500.00

(To record the insurance expenses from August 1st to December 31st)

4. The adjusting journal entry to record the unpaid salaries is:

December 31, 20XX Dr. Salaries Expense A/C 1,075.00

Cr. Unpaid Salaries A/C 1,075.00

(To record the unpaid salaries as on December 31st)

5. The adjusting journal entry to record the Depreciation Expense is as below:

December 31, 20XX Dr. Depreciation Expense A/C 3,500.00

Cr. Accumulated Depreciation on Equipment A/C 3,500.00

(To record the depreciation on equipment for the period ending December 31, 20XX )

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