Question: The ending balance values from the General Ledger tab flows through to the Trial Balance tab. Prepare the adjusting journal entries for the year ended

 The ending balance values from the General Ledger tab flows throughto the Trial Balance tab. Prepare the adjusting journal entries for theyear ended December 31. (If no entry is required for a transaction/event,select "No Journal Entry Required" in the first account field.) 1 Recordthe adjusting entry for supplies if only windshield washer fluid that cost$30 remains at December 31 . 2 Record the adjusting entry if$1,350 was paid on January 2 for car insurance from January 1through December 31 of this year. 3 Record the adjusting entry if

The ending balance values from the General Ledger tab flows through to the Trial Balance tab. Prepare the adjusting journal entries for the year ended December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1 Record the adjusting entry for supplies if only windshield washer fluid that cost $30 remains at December 31 . 2 Record the adjusting entry if $1,350 was paid on January 2 for car insurance from January 1 through December 31 of this year. 3 Record the adjusting entry if the car's benefits are being used up about $2,760 per year. 4 Record the adjusting entry if DDI has not yet paid or recorded $860 of salary for December. Dally Driver, Incorporated (DDI), operates a driving service through a popular ride-sharing app. DDI has prepared a list of unadjusted ccount balances at Its December 31 year-end. You have revlewed the balances and made notes shown In the right column. Complete this question by entering your answers in the tabs below. General Journal tab - Prepare the journal entries needed on December 31 for (a) supplies used up, (b) insurance costs, (c) using up the car's benefits, (d) salaries not yet accounted for, and (e) income taxes for the year. General Ledger tab - Each journal entry is posted automatically to the general ledger. Trial Balance tab - The ending balance values from the General Ledger tab flows through to the Adjusted Trial Balance tab. Income Statement tab - Use the drop-down to select the accounts properly included on the income statement. The unadjusted and adjusted balances will appear for each account based on your selection. Statement of Retained Earnings tab - Use the drop-down to select the accounts properly included on the statement of retained earnings. Balance Sheet tab - Use the drop-down to select the accounts properly included on the balance sheet. The unadjusted and adjusted balances will appear for each account, based on your selection. compete tns question py enterng your answers in the tavs beiow. Use the dropdowns to select the accounts properly included on the classified balance sheet. The unadjusted and adjusted balances will appear for each account, based on your selection. Use the drop-down to select the accounts properly included on the income statement. The unadjusted and adjusted balances will appear for each account based on your selection. General Ledger Account \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Supplies } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Dec 31 & & & 80 \\ \hline \end{tabular} \begin{tabular}{l|c|c|c|c|} \multicolumn{7}{|c|}{ Prepaid Insurance } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Dec 31 & & & 1,350 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Accumulated Depreciation } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Dec 31 & & & 2,760 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \multicolumn{5}{|c|}{ Equipment } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Dec 31 & & & 46,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Common Stock } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Dec 31 & & & 28,000 \\ \hline \end{tabular} Retained Earnings \begin{tabular}{|c|c|c|c|c|} \hline No. & Date & Debit & Credit & Balance \\ \hline & Dec 31 & & & 5,580 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Service Revenue } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Dec 31 & & & 23,170 \\ \hline \end{tabular} Fuel Expense \begin{tabular}{|c|c|c|c|c|} \hline No. & Date & Debit & Credit & Balance \\ \hline & Dec 31 & & & 1,400 \\ \hline \end{tabular} Complete this question by entering your answers in the tabs below. Prepare the statement of retained earnings for the year ended December 31 . You will need to determine and enter the accounts and balances to prepare the Statement of Retained Earnings

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!