Prepare the following adjusting entries as of December 31, 20xx. Please note that you only need to JOURNALIZE the adjusting entries.

1. Wages of $8,000 are earned by workers but not paid as of December 31, 2019.

1. Dec 31st, 2019 =

2. On May 1, 2019, a two-year insurance policy was purchased for $24,000 with coverage to begin immediately. Prepare the journal entries for BOTH May 1,2019 AND December 31, 2019

1. May 1st, 2019 =

2. Dec 31st, 2019 =

3. The Krug Company collected $6,000 rent in advance on November 1. The tenant was paying twelve months rent in advance and occupancy began November 1. Prepare BOTH journal entries for November 1st AND the adjusting entry for December 31st.

1. Nov 1st =

2. Dec 31st =

4. The company charges $80 per month to spray a house for insects. A customer paid $480 on October 1 in advance for six treatments. At year-end, the company has applied three treatments for the customer.

1. Oct 1st =

2. Dec 31st =

5. The Unearned Rent account has a beginning credit balance of $15,000. After adjusting entries at the end of the accounting period, $5,000 of the $15,000 is unearned. Record the adjusting entry required at the end of the period.

1. Dec 31st, 2019 =

6. One-fourth of the work related to $11,000 cash received in advance is performed this period.

1. Dec 31st, 2019 =

7. The Office Supplies account of Lauren and Shelby’s Chocolate Factory had a $480 debit balance on December 31, 2018. During 2019, $5,349 of office supplies are purchased. A physical count of supplies at December 31, 2019, shows $587 of supplies available. Prepare the adjusting entry as of December 31, 2019.

1. Dec 31st, 2019 =

8. A company had $5,645 of supplies on hand on January 1st, 2019. On December 31, 2019 a physical count showed $3,000 of supplies remained. Prepare the adjusting entry.

1. Dec 31st, 2019 =

9. On August 1, 2019, Xcel Auto Repair, Inc. paid $12,000 in advance for six months rent. Prepare the adjusting entry for Dec 31st, 2019. After adjusting entries are made, what is the balance of Prepaid Rent on December 31, 2019?

1. Dec 31st, 2019 =

2. Balance of Prepaid Rent on December 31, 2019? ANS =___________________

10. On December 31, 2010, the balance in Pinnacle Exploration Corporation's Unearned revenue is $4,200. In January, 2011, the company received an advance payment of $12,000 for services to be performed. By May 31, adjustments had been made to recognize $8,500 of the revenue. Prepare the adjusting entry for May 31st, 2019. What would be the balance in Unearned revenue on May 31, 2011?

1. May 31st, 2019 =

2. Balance of Unearned Revenue on May 31, 2019? ANS =___________________

11. The Prepaid Rent account had a $6,800 debit balance at December 31st, 2019 before adjusting for the costs of any expired rent. An analysis of rental policies showed that $5,800 of rental coverage had expired. Prepare the adjusting entry for Dec 31st, 2019

1. Dec 31st, 2019 =

12. Wage expenses of $3,200 have been incurred but are not paid as of December 31.

1. Dec 31st, 2019 =

13. The Prepaid Insurance account has a $4,700 debit balance to start the year. A review of insurance policies and payments shows that $900 of unexpired insurance remains at year-end. Prepare the adjusting entry for Dec 31st, 2019

1. Dec 31st, 2019 =

14. On September 1, a client paid the company $24,000 cash for six months of rent in advance (the client leased a building and took occupancy immediately). The company recorded the cash as Unearned Rent Revenue. Prepare the adjusting entry for Dec 31st, 2019

1. Dec 31st, 2019 =

15. At year-end, the K.S. Moses Cleaning Company has completed services of $19,000 for a client, but the client has not yet been billed for those services.

1. Dec 31st, 2019 =

Answer rating: 100% (QA)

Here are the journal entries for the given adjusting entries Wages earned but not paid as of December 31 2019 Dec 31st 2019 Debit Wages Expense 8000 C... View the full answer