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October 23, 2014

Homework Help: Financial Accounting

Posted by Prateek on Sunday, July 25, 2010 at 9:38pm.

Prepare adjusting journal entries for the year ended December 31, 2011 for each of the independent situation in (a) to (f). Assume that prepaid expenses are initially recorded in asset accounts. Assume that fees collected in advance of work are initially recorded as liabilities.
a. Amortization on the company`s equipment for 2011 was estimated to be $32,000.
b. The prepaid insurance account had a $14,000 debit balance at December 31, 2011 before adjusting for the costs of any expired coverage. An analysis of the company`s insurance policies showed $2080 of unexpired insurance remaining.
c. The Office Supplies account had a $600 debit balance on January 1, 2011. $5,360 of office supplies were purchased during the year, and the December 31, 2011 count showed that $708 of supplies are on hand.
d. Two-thirds of the work for a $30,000 fee received in advance has now been performed.
e. The Prepaid insurance account had an $11,200 debit balance at December 31, 2011 before adjusting for the costs of any expired coverage. An analysis of the company`s insurance policies showed that $9,200 of coverage has expired.
f. Wages of $8,000 have been earned by workers but not paid as of December 31, 2011.
g. Record the January 6, 2012 payment of $20,000 in wages inclusive of the $8,000 December 31, 2011 account in (f) above.

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