Trial Balance December 31, 20X2 Debit Credit Cash Accounts Receivable Cleaning Supplies on hand Equipment 2,000...

  

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Trial Balance December 31, 20X2 Debit Credit Cash Accounts Receivable Cleaning Supplies on hand Equipment 2,000 2,000 450 4,300 Accounts Payable Accumulated Depreciation Equipment Equipment Loan Payable Common Stock Retained Earnings 1,610 20 1,500 500 150 Service Revenue 24,000 Worker wages 14,075 Cleaning supplies expense 2,685 Gas expense 875 Business taxes and insurance 525 Depreciation expense 770 Interest expense 100 27,780 27,780 After reviewing the statements, you realize you have a couple of adjustments to make. Prepare adjusting journal entries for the following: (If no entry is required, select No debit or No credit in the account fields) a.Your workers used $120 worth of cleaning supplies in December. b. You forgot to record December's depreciation expense. You have been been depreciating equipment straight line assuming a salvage value of $100 and a service life of 5 years. c. You just received notice from the bank this afternoon that they had withdrawn your December equipment loan payment directly from your account. The total payment was $150. $5 of that amount represented December interest. Account To recognize cleaning supplies used in December To recognize depreciation expense for December To record December loan payment Debit Credit 0 0 0 0 0 0 0 0 ooo 0 0 0 0 ooo 0 0 Trial Balance December 31, 20X2 Debit Credit Cash Accounts Receivable Cleaning Supplies on hand Equipment 2,000 2,000 450 4,300 Accounts Payable Accumulated Depreciation Equipment Equipment Loan Payable Common Stock Retained Earnings 1,610 20 1,500 500 150 Service Revenue 24,000 Worker wages 14,075 Cleaning supplies expense 2,685 Gas expense 875 Business taxes and insurance 525 Depreciation expense 770 Interest expense 100 27,780 27,780 After reviewing the statements, you realize you have a couple of adjustments to make. Prepare adjusting journal entries for the following: (If no entry is required, select No debit or No credit in the account fields) a.Your workers used $120 worth of cleaning supplies in December. b. You forgot to record December's depreciation expense. You have been been depreciating equipment straight line assuming a salvage value of $100 and a service life of 5 years. c. You just received notice from the bank this afternoon that they had withdrawn your December equipment loan payment directly from your account. The total payment was $150. $5 of that amount represented December interest. Account To recognize cleaning supplies used in December To recognize depreciation expense for December To record December loan payment Debit Credit 0 0 0 0 0 0 0 0 ooo 0 0 0 0 ooo 0 0

Answer rating: 100% (QA)

a Adjusting Journal Entry for Cleaning Supplies Debi... View the full answer