Question

The following transactions occurred during the first year of operations for Cougar Corp. for each transaction prepare the year-end adjusting journal entry. Note: these ARE adjusting entries.

a. Cougar Corp. purchased $4,300 in supplies during the year. A count at the end of the year showed that $650 of the supplies are still on hand.

b. Cougar Corp. needs to record depreciation for its Vehicles. The depreciation amount is $4,100.

c. Cougar Corp. owes its employees $5,700 for work performed this year. Cougar Corp. plans to pay the $5,700 in the first week of the next year.

d. Cougar Corp. collected cash of $12,000 from a customer earlier in the year and recorded it properly. $9,500 of the work was performed before year-end and no revenue entries have been recorded yet for this work.

e. Cougar Corp. paid $4,800 on October 1 for 4-months of rent. Since October 1, no entries have been made.

Answer 1

Sl.no	Accounts Title	Debit	Credit
a	Supplies	$          4,300
	Cash		$          4,300
	(To record the purchase of supplies for $4300)
	Supplies Expenses	$          3,650
	Supplies		$          3,650
	(To record the Supplies expenses [4300-650]=3650
b	Depreciation Expenses	$          4,100
	Accumulated Depreciation		$          4,100
	(To record the depreciation for vehicles)
c	Salary Expenses	$          5,700
	Salary Payable		$          5,700
	(To record the accrued salaried due to employees in the first week of next year)
d	Cash	$        12,000
	Unearned Revenue		$        12,000
	(To record the cash receipt from unearned revenue, Work not yet completed)
	Unearned Revenue	$          9,500
	Service Rendered		$          9,500
	(To record the service rendered from unearned revenue portion)
e	Prepaid Rent	$          4,800
	Cash		$          4,800
	(To record the Prepaid rent of $4800 for 4months)

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