Question: Chapter 4 Homework Saved Help Save & ExitSubmit Jaworski's Ski Store is completing the accounting process for its first year ended December 31, 2018. The

 Chapter 4 Homework Saved Help Save & ExitSubmit Jaworski's Ski Store

Chapter 4 Homework Saved Help Save & ExitSubmit Jaworski's Ski Store is completing the accounting process for its first year ended December 31, 2018. The transactions during 2018 have been journalized and posted. The following data are available to determine adjusting journal entries: a The unadjusted balance in Supplies was $760 at December 31, 2018. The unadjusted balance in Supplies Expense was $O at b Wages carned by employees during December 2018, unpaid and unrecorded at December 31, 2018, amounted to $2,800. The c A portion of the store's basement is now being rented for $1,010 per month to K. Frey. On November 1, 2018, the store collected December 31, 2018. A year-end count showed $100 of supplies on hand. last paychecks were issued December 28; the next payments will be made on January 6, 2019. The unadjusted balance in Salaries and Wages Expense was $31,000 at December 31, 2018. six months' rent in advance from Frey in the amount of $6,060. It was credited in full to Deferred Revenue when collected. The unadjusted balance in Rent Revenue was $0 at December 31, 2018 d. The store purchased delivery equipment at the beginning of the year. The estimated depreciation for 2018 is $1,100, although none has been recorded yet e. On December 31. 2018, the unadjusted balance in Prepaid Insurance was $2.460. This was the amount paid in the middle of the year for a two-year insurance policy with coverage beginning on July 1, 2018. The unadjusted balance in Insurance Expense was $330, which was the cost of insurance from January 1 to June 30, 2018 t Jaworski's store did some ski repair work for Frey At the end of December 31, 2018. Frey had not paid for work completed eiet erencesamounting to $660. This amount has not yet been recorded as Service Revenue. Collection is expected during January 2019. Required: For each situation, prepare the adjusting journal entry that Jaworski's should record at December 31, 2018. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first accountyield.) Journal entry worksheet Recard the adjusting entry for revenues carned, but not vet recorded Inter debiks before credns

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!