Question

Selected amounts from Oriole Company's trial balance of 12/31/20 appear below: 1. Accounts Payable $120,400 2....

Selected amounts from Oriole Company's trial balance of 12/31/20 appear below: 1. Accounts Payable $120,400 2. Accounts Receivable 158,800 3. Accumulated Depreciation—Equipment 203,300 4. Allowance for Doubtful Accounts 20,200 5. Bonds Payable 485,500 6. Cash 147,300 7. Common Stock 50,800 8. Equipment 870,750 9. Prepaid Insurance 30,300 10. Interest Expense 11,100 11. Inventory 283,700 12. Notes Payable (due 6/1/21) 186,300 13. Prepaid Rent 243,000 14. Retained Earnings 836,200 15. Salaries and Wages Expense 303,400 (All of the above accounts have their standard or normal debit or credit balance.) Collapse question part (a) Prepare adjusting journal entries at year end, December 31, 2020, based on the following supplemental information. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) a. The equipment has a useful life of 15 years with no salvage value. (Straight-line method being used.) b. Interest accrued on the bonds payable is $14,565 as of 12/31/20. c. Prepaid insurance at 12/31/20 is $22,600. d. The rent payment of $243,000 covered the six months from November 30, 2020 through May 31, 2021. e. Salaries and wages earned but unpaid at 12/31/20, $22,800.

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Answer #1
Journal Entries ($)
A Depreciation Dr 58,050
To Accumulated Depreciation - Equipment (870,750/15) 58,050
(Depreciation for the year)
B Interest Expense Dr 14,565
To Interest Payable 14,565
(accrued interest)
C Insurance Expense Dr (30,300-22,600) 7,700
To Prepaid Insurance 7,700
(insurance expired)
D Rental Expense Dr 40,500
To Prepaid Rent (243,000/6) 40,500
(Rent for December)
E Salaries and Wages Expense Dr 22,800
To Salaries and Wages Payable 22,800
(Salaries payable)
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