ew History Bookmarks Window Help newconnect mheducationcom H

ew History Bookmarks Window Help newconnect mheducation.com Help a. Depreciation on the company\'s equipment for 2017 is computed to be $16,000 aid Insurance account had a s8.000 debit balance at December 31. 2017, before adjusting for the costs of any expired coverage. An analysis of the compary\'s insurance policies showed that $1,450 of unexpired insurance coverage remains e. The Office Su pplies account had a $300 debit balance on December 31, 2016; and $2.680 of office supplies were purchased during the year. The December 31, 2017 d. One-third of the work related to $15,000 e. The Prepaid Insurance account had physical count showed $354 of supplies available of cash received in advance was performed this period a $4,900 debit balance at December 31, 2017, before adjusting for the costs of any expired coverage. An analysis of insurance policies showed that $3.450 of coverage had expired t Wage expenses of $3,000 have been incurred but are not paid as of December 31, 2017 Prepare adjusting journal entries for the year ended (date of) December 31, 2017, for each of these separate sit uations. Journal entry worksheet Depreciation on the company\'s equipment for 2017 is computed to be $16,000. Note: Enter debits before credts. Debit Prev lot 1 | Next 20 bo

Solution

Transaction Particulars Debit Credit a Depreciation expenses $16,000.00 To accumulated Depreciation $16,000.00 b Income expense $6,550.00 To Prepaid Insurance $6,550.00 ($8000-$1450) c Office supplies expenses $2,626.00 To office supplies $2,626.00 ($300+$2680-$354) d Unearned fee revenue $5,000.00 To fee revenue $5,000.00 ($15000/3) e Insurance exp. $3,450.00 To prepaid expense $3,450.00 f wages expenses $3,000.00 To wages payable $3,000.00 (Accrued)