Prepare the necessary adjusting entries at December 31, 2018 for the Hinsdale Company. 1. On December 1,...

Prepare the necessary adjusting entries at December 31, 2018 for the Hinsdale Company.

1. On December 1, 2018, the company paid its annual fire insurance premium of $6,000 and debited Prepaid Insurance. The fire policy covers the 12 month period beginning on December 1^st.

2. Depreciation on factory equipment is $7,500 for the year.

3. Employee salaries for the month of December 2018 of $16,000 will be paid on January 20, 2019.

Expert Solution

sr no	particulars	debit	credit

1	isnurance premium	$ 500.00
	to pre paid insurance		$ 500.00

2	depreciation	$ 7,500.00
	to factory equipment		$ 7,500.00

3	salaries	$ 16,000.00
	to salary payable		$ 16,000.00


	THANKS IN ADVANCE FOR GIVING ME POSITIVE RATINGS

	MAY GOD BLESS YOU

	STAY HOME STAY SAFE

	HAVE A WONDERFUL DAY

ekkarill92 answered 1 year ago

Prepare the necessary adjusting entries at December 31, 2018, for the Microchip Company for each of...

Prepare the necessary adjusting entries at December 31, 2018, for the Microchip Company for each of the following situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded. 1.On October 1, 2018, Microchip lent $90,000 to another company. A note was signed with principal and 6% interest to be paid on September 30, 2019. 2.On November 1, 2018, the company paid its landlord $9,300 representing rent for the months of November through January....

Journalize the attached adjusting entries Prepare the necessary adjusting entries at December 31 for Staples, Inc....

Journalize the attached adjusting entries Prepare the necessary adjusting entries at December 31 for Staples, Inc. based on the information from problem 1 and the following information: 1. On November 1, 2013 the company borrowed 65,000 from a bank. The note requires principal and interest at 10% to be paid on April 30, 2014. 2. On December 1, 2013 the company received $3,000 in cash from another company that is renting office space in Staples’ building. The payment, representing rent...

Prepare the necessary adjusting journal entries on December 31, 2020. Also prepare an adjusted trial balance dated December 31, 2020

GoodJob Inc. Unadjusted Trial Balance December 31,2020 Account Debit Credit Cash 304,150 Accounts Receivable 99,000 Office supplies 880 Prepaid rent. 3,960 Unexpired insurance 1,650 Office equipment 79,200 Accumulated depreciation: office equipment 26,400 Accounts payable 4,400 Notes payable (due 3/1/12) 66,000 Interest payable 660 Income taxes payable 9,900 Dividends payable 3,500 Unearned consulting fees 24,200 Capital stock 220,000 Retained earnings 44,000 Dividends 3,500 Consulting fees earned 550,000 Rent expense 16,170 Insurance expense 2,420 Office supplies expense 4,950 Depreciation expense: office equipment ...

Prepare the Adjusting Journal Entries (AJEs) that should be made on December 31, 2018, the end...

Prepare the Adjusting Journal Entries (AJEs) that should be made on December 31, 2018, the end of the accounting year, for each of the following independent situations. If no AJE is required, indicate “none.” Assume the firm only makes AJEs at the end of the accounting year. On March 31, 2018, the firm collected $12,000 of rent for 12 months in advance. The journal entry to record the receipt included a credit to a temporary account. Revenue (3*1,000) 3,000 Unearned 3,000 On...

1. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries...

1. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end. [The following information applies to the questions displayed below.] Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2017, follows. WTI initially records prepaid expenses and unearned revenues in balance...

Prepare the December 31 adjusting entries and correcting entries based on the following information. Omit explanations....

Prepare the December 31 adjusting entries and correcting entries based on the following information. Omit explanations. Adjusting Entries: 1. Rent expired during year, $10,000. 2. Fees accrued but unbilled total $20,000. 3. The supplies account balance on December 31 is $3,100. Supplies on hand are $1,150. Correcting Entries: 4. A receipt of $15,000 for services performed was erroneously recorded and posted as a debit to Fees Earned and a credit to Cash. 5. A purchase of Equipment with cash for...

Prepare adjusting entries for the following items on December 31, the end of the fiscal year...

Prepare adjusting entries for the following items on December 31, the end of the fiscal year for Carson Carpets. The company initially records cash received in advance of performing the service as a liability, and prepaid expenses as current assets. a) Amortization on equipment, $2,500 b) Services performed but unbilled, $3,500 c) Salaries owed to employees at year end, $2,500 d) Unearned service revenue earned, $5,500 e) Supplies used during the year, $3,200

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...

Adjusting entries Hahn Flooring Company uses a perpetual inventory system. Journalize the December 31 adjusting entries...

Adjusting entries Hahn Flooring Company uses a perpetual inventory system. Journalize the December 31 adjusting entries based upon the following: a. Sales returns of $125,000 and merchandise returns of $80,000 are estimated for the current year's sales. B. The inventory account has a balance of $1,333,150, while physical inventory indicates that $1,309,900 of merchandise is on hand. Assume any shrinkage is a normal amount.

Part 5 Please prepare the adjusting entries for Cookie Creations. As of December 31, Cookie Creations’...

Part 5 Please prepare the adjusting entries for Cookie Creations. As of December 31, Cookie Creations’ year-end, the following adjusting entry data are provided. 1. A count reveals that $45 of brochures and posters were used. 2. Depreciation is recorded on the baking equipment purchased in November. The bak- ing equipment has a useful life of 5 years. Assume that 2 months’ worth of depreci- ation is required. 3. Amortization (which is similar to depreciation) is recorded on the website....

Question