Listed are several transactions, create a journal entry for each scenario.
Period depreciation expense of $1500
Accrued salary expense of $2550
Period's use of a prepaid expense of $4000
Accrued interest revenue of $550
Earning of Previously unearned income of $5000
Listed will be a scenario of Brock's company. Prepare the journal entry for each scenario.
Depreciation on the company's equipment for 2015 is computed to be $18,000
The prepaid insurance account had a $6000 debit balance at December 31,2015 before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $1,100 of unexpired insurance coverage remains.
The office supplies account had a $700 debit balance on December 31,2014 and $3480 of office supplies were purchased during the year.
The December 31,2015, physical count showed $300 of supplies available
Two thirds of the work related $15,000 of cash received in advance was performed this period.
The prepaid insurance account had a $6800 debit balance at December 31,2015, before adjusting for the costs of any expired coverage. An analysis of insurance policies showed that $5,800 of coverage had expired.
Wage expenses of $3200 have been incurred but are not paid as of December 31, 2015
Listed are different scenarios, prepare a journal entry for each scenario.
One third of the work related to $15,000 cash received in advance is performed this period.
Wages of $8,000 are earned by workers but not paid as of December 31,2015.
Depreciation on the company's equipment for 2015 is $18,000.
The office Supplies account had a $240 debit balance on December 31,2014. During 2015, $5200 of office supplies are purchased. A physical count of supplies at December 31,2015 shows $440 of supplies available.
The Prepaid Insurance account had a $4000 balance on December 31,2014. An analysis of insurance policies shows that $1200 of unexpired insurance benefits remain at December 31,2015.
The company has earned (but not recorded) interest expense of $1050nfor the year ended December 31,2015. The company must pay the interest on January 2, 2016.
The company has a bank loan and has incurred interest expense of $2500 for the year ended December 31,2015. The company must pay the interest on January 2, 2016.
This scenario we are only working on journal entries, there will be no dollar amounts. Also you can create that certain revenue or expense for example: for a. it can be debit cash and credit unearned professional fees. On any expense it can be any expense you can think of etc. To record receipt of unearned revenue Record this period's earning of prior unearned revenue Record the payment of an accrued expense.To record receipt of an accrued revenue To record this period's prepaid expense