Question: i request help Exercise 3-6 Preparing adjusting entries LO P1, P2, P3, P4 6. One-third of the work related to $15.000 cash received in advance

i request help
i request help Exercise 3-6 Preparing adjusting entries LO P1, P2, P3,
P4 6. One-third of the work related to $15.000 cash received in

Exercise 3-6 Preparing adjusting entries LO P1, P2, P3, P4 6. One-third of the work related to $15.000 cash received in advance is performed this period. b. Wages of $8,000 are earned by workers but not paid as of December 31, c. Depreciation on the company's equipment for the year is $18,000. d. The Office Supplies account had a $240 debit balance at the beginning of the year. During the year, $5,200 of office supplies are purchased. A physical count of supplies at December 31 shows $440 of supplies available, e. The Prepaid Insurance account had a $4.000 balance at the beginning of the year. An analysis of insurance policies shows that $1.200 of unexpired insurance benefits remain at December 31. f. The company has earned (but not recorded) $1.050 of interest from investments in CDs for the year ended December 31. The interest payment will be received 10 days after the year-end on January 10. 9. The company has a bank loan and has incurred (but not recorded) interest expense of $2,500 for the year ended December 31. The company will pay the Interest two days after year-end on January 2. For each of the above separate cases, prepare adjusting entries required for financial statements for the year ended December 31. Entries can draw from the following partial chart of accounts: Cash, Interest Receivable: Office Supplies: Prepaid Insurance: Equipment: Accumulated Depreciation Equipment: Wages Payable; Interest Payable: Unearned Fee Revenue: Interest Revenue, Fee Revenue: Wages Expense: Office Supplies Expense: Insurance Expense, Interest Expense; and Depreciation Expense-Equipment View transaction list Journal entry worksheet

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!