Plover Corporation prepares monthlyfinancial statements. Below is a list of selected accounts and their balances on...

Plover Corporation prepares monthlyfinancial statements. Below is a list of selected accounts and their balances on the September 30 before any adjustments have been made for the month of September.All accounts have normal balances.PLOVER CORPORATIONSeptember 30, 2022Cash...................................................................................................$12,300Supplies..............................................................................................2,700Equipment...........................................................................................16,200Accumulated depreciation—Equipment...............................................540Accounts payable................................................................................1,100Deferredrevenue................................................................................1,200Common shares..................................................................................10,000Retained earnings...............................................................................18,925Rent revenue.......................................................................................6,360Salaries expense.................................................................................1,150Insurance expense..............................................................................6,600An analysis of the account balances provided the following additional information:1.Aphysical count of supplies revealed $1,200 on hand on September 30.2.A two-year insurance policy was purchased on September1 for $6,600 and was expensed in full.3.The equipment was purchased on July 1stfor $16,200 and has an estimated useful life offiveyears.4.Rent received in advance that remains unearned at September 30 is $500.5.Income tax of $800 is owed.InstructionsUsing the above information, prepare the adjustingentries that should be made by Plover on September 30 (adjusting entries aremade on a monthly basis).(15marks)

Expert Solution

Ans.

Particulars	Debit	Credit
Supplies Expense ($2,700 - $ 1,200)	$ 1,500.00
Supplies		$ 1,500.00

Prepaid Expense ( $6,600 - ($6,600/24))	$ 6,325.00
Insurance Expense		$ 6,325.00

Depreciation Expense	$ 270.00
Accumulated Depreciation - Equipment		$ 270.00

Rent Revenue	$ 500.00
Unearned Rent Revenue		$ 500.00

Income Tax	$ 800.00
Income Tax Payable		$ 800.00

Working

Depreciation per year = $ 16,200 / 5 = $ 3,240

Depreciation per month = $ 3,240 / 12 = $ 270

ekkarill92 answered 1 year ago

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