Question: Hi, I need the below problem solved/answerd ASAP for MBA 560 Financial and Managerial Accounting. Journalize the adjusting entries needed on December 31, the end

Hi, I need the below problem solved/answerd ASAP for MBA 560 Financial and Managerial Accounting.

Journalize the adjusting entries needed on December 31, the end of the current accounting period for Each of the independent cases affecting Woods Corp. Include an explanation for each entry.

a. Details of Prepaid Insurance are shown in the account:

Prepaid Insurance

Jan

1

Bal

500

March

31

4,000

Woods prepays insurance on March 31 each year. At December 31, $1,000 is still prepaid.

b. Woods pays employees each Friday. The amount of the weekly payroll is $5,900 for a five-day work week. The current accounting period ends on Monday.

c.

Woods has a note receivable. During the current year, Woods has earned accrued interest revenue of $700 that it will collect next year.

d.

The beginning balance of supplies was $2,100. During the year, Woods purchased supplies costing $6,400, and at December 31 supplies on hand total $2,400.

e. Woods is providing services for Dolphin Investments, and the owner of Dolphin paid Woods $ 11,800 as the annual service fee. Woods recorded this amount as Unearned Service Revenue. Woods estimates that it has earned 70% of the total fee during the current year.

f.

Depreciation for the current year includes Office Furniture, $3,100 and Equipment, $6,000. Make a compound entry.

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!