E4-20 (Algo) Recording Four Adjusting Entries and Completing the Trial Balance Worksheet LO4-1 Green Valley Company...

Transcribed Image Text:

E4-20 (Algo) Recording Four Adjusting Entries and Completing the Trial Balance Worksheet LO4-1 Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case, the amounts given are in thousands of dollars. Cash Account Titles Accounts receivable Prepaid insurance Machinery Accumulated depreciation Accounts payable Wages payable Income taxes payable Common stock (4,000 shares) Additional paid-in capital Retained earnings Revenues (not detailed) Expenses (not detailed) Totals UNADJUSTED Debit Credit 24 21 16 83 17 4 63 15 106 31 190 190 Other data not yet recorded at December 31 include a. Insurance expired during the current year, $11. b. Wages payable, $15. c. Depreciation expense for the current year, $17. d. Income tax expense, $9. Required 1 Required 2 Prepare the adjusting entries for the current year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands. View transaction list Journal entry worksheet 1 2 3 4 Record the insurance expired in current year but not recorded, $11. Note: Enter debits before credits. Transaction a. General Journal Debit Credit < Prev 1 of 3 Next > > E4-3 (Static) Recording Adjusting Entries LO4-1 Dodie Company completed its first year of operations on December 31. All of the year's entries have been recorded except for the following: a. At year-end, employees earned wages of $4,000, which will be paid on the next payroll date in January of next year. b. At year-end, the company had earned interest revenue of $1,500. The cash will be collected March 1 of the next year. Required: 2. Prepare the required adjusting entry for transactions (a) and (b). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 Prepare the adjusting entry needed at December 31. At year-end, employees earned wages of $4,000, which will be paid on the next payroll date in January of next year. Journal entry worksheet 1 2 Prepare the adjusting entry needed at December 31. At year-end, employees earned wages of $4,000, which will be paid on the next payroll date in January of next year. Note: Enter debits before credits. Transaction a. General Journal Debit Credit M4-4 (Algo) Recording Adjusting Entries (Deferred Accounts) LO4-1 For each of the following transactions (a) through (c) for Catena's Marketing Company, prepare the adjusting entry at the end of the current year, December 31. The process includes (1) determining if revenue was earned or an expense was incurred and (2) determining whether cash was received or paid in the past or will be received or paid in the future. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. a. Collected $2,800 rent for the period December 1 of the current year to April 1 of next year, which was credited to Unearned Rent Revenue on December 1. b. Purchased a machine for $43,000 cash on January 1. The company estimates annual depreciation at $3,600. c. Paid $3,500 for a two-year insurance premium on July 1 of the current year; debited Prepaid Insurance for that amount. View transaction list Journal entry worksheet 1 2 3 Prepare the adjusting entry needed at December 31. Collected $2,800 rent for the period December 1 of the current year to April 1 of next year, which was credited to Unearned Rent Revenue on December 1. > E4-20 (Algo) Recording Four Adjusting Entries and Completing the Trial Balance Worksheet LO4-1 Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case, the amounts given are in thousands of dollars. Cash Account Titles Accounts receivable Prepaid insurance Machinery Accumulated depreciation Accounts payable Wages payable Income taxes payable Common stock (4,000 shares) Additional paid-in capital Retained earnings Revenues (not detailed) Expenses (not detailed) Totals UNADJUSTED Debit Credit 24 21 16 83 17 4 63 15 106 31 190 190 Other data not yet recorded at December 31 include a. Insurance expired during the current year, $11. b. Wages payable, $15. c. Depreciation expense for the current year, $17. d. Income tax expense, $9. Required 1 Required 2 Prepare the adjusting entries for the current year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands. View transaction list Journal entry worksheet 1 2 3 4 Record the insurance expired in current year but not recorded, $11. Note: Enter debits before credits. Transaction a. General Journal Debit Credit < Prev 1 of 3 Next > > E4-3 (Static) Recording Adjusting Entries LO4-1 Dodie Company completed its first year of operations on December 31. All of the year's entries have been recorded except for the following: a. At year-end, employees earned wages of $4,000, which will be paid on the next payroll date in January of next year. b. At year-end, the company had earned interest revenue of $1,500. The cash will be collected March 1 of the next year. Required: 2. Prepare the required adjusting entry for transactions (a) and (b). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 Prepare the adjusting entry needed at December 31. At year-end, employees earned wages of $4,000, which will be paid on the next payroll date in January of next year. Journal entry worksheet 1 2 Prepare the adjusting entry needed at December 31. At year-end, employees earned wages of $4,000, which will be paid on the next payroll date in January of next year. Note: Enter debits before credits. Transaction a. General Journal Debit Credit M4-4 (Algo) Recording Adjusting Entries (Deferred Accounts) LO4-1 For each of the following transactions (a) through (c) for Catena's Marketing Company, prepare the adjusting entry at the end of the current year, December 31. The process includes (1) determining if revenue was earned or an expense was incurred and (2) determining whether cash was received or paid in the past or will be received or paid in the future. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. a. Collected $2,800 rent for the period December 1 of the current year to April 1 of next year, which was credited to Unearned Rent Revenue on December 1. b. Purchased a machine for $43,000 cash on January 1. The company estimates annual depreciation at $3,600. c. Paid $3,500 for a two-year insurance premium on July 1 of the current year; debited Prepaid Insurance for that amount. View transaction list Journal entry worksheet 1 2 3 Prepare the adjusting entry needed at December 31. Collected $2,800 rent for the period December 1 of the current year to April 1 of next year, which was credited to Unearned Rent Revenue on December 1. >