Question

Alpha Dog formed a corporation on January 1, 2016 to provide construction services in the town...

Alpha Dog formed a corporation on January 1, 2016 to provide construction services in the town of Elven, Rivendell, ME. The following is the December 31th Unadjusted Trial Balance.

Alpha Dog Corporation

Unadjusted Trial Balance

12/31/16

Accounts

Debit

Credit

Cash

$532,000

Accounts Receivable

172,000

Supplies

85,000

Prepaid Insurance

36,000

Equipment

2,400,000

Accounts Payable

$32,000

Unearned Revenue

100,000

Note Payable (Long Term)

1,420,000

Capital Stock

1,075,000

Revenues

1,397,000

Wages Expense

497,000

Fuel Expense

62,000

Rent Expense

180,000

Interest Expense

60,000

________

Totals

$4,024,000

$4,024,000

The following information is provided regarding end of the FY required adjusting entries. Also assume that no monthly adjusting entries were done.

Instructions:

Prepare in journal form, all adjusting entries on 12/31/16 based on the additional information below. There may be more rows than needed so as to have spacing between each adjusting entry.

1. Equipment was purchased on January 1 for 2,400,000, has an estimated life or 5 years with an estimated salvage value of $200,000. Alpha Dog used the double declining balance method for depreciation. Compute the Depreciation expense on 12/31/16.

2. Supplies on hand at year end are $20,000.

3. The insurance policy is for 12 months and was purchased on March 1.

4. Services performed and were unrecorded were for $25,000.

Homework Answers

Answer #1
Date General Journal Debit Credit

Dec.31, 2016

Depreciation Expense 880,000.00
Accumulated Depreciation 880,000.00
(Depreciation on equipment)
Dec.31, 2016 Supplies Expense     65,000.00
Supplies     65,000.00
(Consumption of supplies)
Dec. 31, 2016 Insurance Expense     30,000.00
Prepaid Insurance $30,000
(Expired insurance)
Dec.31, 2016 Accrued Revenue Receipt     25,000.00
Revenue Receipt $35,000
(Accrued unbilled services)
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