Dogwood florist opened a business January 1st 2010. During 2010, they had the following transactions and economic events. For each of the transactions and economic events prepare the adjusting entries and show the related transaction entries at the date that each would be made. The company has a December 31 year end; they prepared the financial statements annually. Prepare the entries that would be required for fiscal 2010 and 2011. If no entry is requires, then state no entry require.

1. On December 1st 2010, Dogwood paid $2,000 for two months’ rent
(MY ANSWER: Transactional - Dr. Prepaid Rent, Cr. Cash || Adjusting - Dr. Rent Expense, Cr. Prepaid Expense)

2. On January 1st, 2010, Dogwood paid $24,000 for a glass door fridge to store the flowers in. It is expected to last 10 years
(MY ANSWER: Transactional - Dr. Capital Assets, Cr. Cash || Adjusting - Dr. Depreciation Expense, Cr. Accumulated depreciation)

3. On December 10th, 2010, Dogwood received $6,000 in flowers for inventory to be paid for on January 15th, 2011
(MY ANSWER: Transactional - Dr. Inventory, Cr. Accounts Payable || Adjusting - No entry)

4. On October 1st, 2010, Dogwood received $1,000 for two deposits on weddings ($500 for each) they were doing the flowers for. One wedding will take place December 15th 2010, the other wedding will take place August 1st, 2011
(MY ANSWER: Transactional - Dr. Cash, Cr. Unearned Revenue || Adjusting - Dr. Unearned revenue, Cr. Revenue)

5. Dogwood pays its part-time sales clerk at $8.50/hr to help on the weekends. As part of December 31, 2010, she had worked 15 hours and been paid for 10 of them
(MY ANSWER: Transactional - Dr. Wages Expense, Cr. Cash, Cr. Wages Payable || Adjusting - Dr. Wages Expense, Cr. Wages Payable)

6. Dogwood signed a contract to provide flowers to an office on a monthly basis for the year 2011
(MY ANSWER: Transactional - No entry || Adjusting - No entry)

For #3 I have an adjusting entry:

15 Jan A/P 6000
Cash 6000

For #4 I have two adjusting entries, one for each event.

1. On December 1st, 2010, Dogwood paid $2,000 for two months' rent.

Transactional Entry: Debit Prepaid Rent, Credit Cash
Adjusting Entry: Debit Rent Expense, Credit Prepaid Rent

2. On January 1st, 2010, Dogwood paid $24,000 for a glass door fridge to store the flowers in. It is expected to last 10 years.
Transactional Entry: Debit Capital Assets, Credit Cash
Adjusting Entry: Debit Depreciation Expense, Credit Accumulated Depreciation

3. On December 10th, 2010, Dogwood received $6,000 worth of flowers for inventory to be paid for on January 15th, 2011.
Transactional Entry: Debit Inventory, Credit Accounts Payable
Adjusting Entry: No entry required.

4. On October 1st, 2010, Dogwood received $1,000 for two deposits on weddings ($500 for each) they were doing the flowers for. One wedding will take place on December 15th, 2010, the other wedding will take place on August 1st, 2011.
Transactional Entry: Debit Cash, Credit Unearned Revenue
Adjusting Entry: Debit Unearned Revenue, Credit Revenue (for the portion of the service that has been completed)

5. Dogwood pays its part-time sales clerk $8.50/hour to help on the weekends. As of December 31st, 2010, she had worked 15 hours and been paid for 10 of them.
Transactional Entry: Debit Wages Expense, Credit Cash, Credit Wages Payable
Adjusting Entry: Debit Wages Expense, Credit Wages Payable (for the unpaid portion of the clerk's wages)

6. Dogwood signed a contract to provide flowers to an office on a monthly basis for the year 2011.
Transactional Entry: No entry required.
Adjusting Entry: No entry required. (This contract will generate revenue and related expenses on a monthly basis in 2011, but no adjusting entry is required until the end of fiscal year 2011.)