Question

2. Record the following ADJUSTING Entries as of Dec 31st 2018 in General Journal Form: a....

2. Record the following ADJUSTING Entries as of Dec 31st 2018 in General Journal Form: a. Office Supplies had a debit balance of $4,250 at the beginning of the year (Jan 1, 2018). During the year, additional supplies were purchased of $5,500. A count of supplies on hand at the end of the year (Dec 31, 2018) totaled $2,650 (Asset Value). Record the supplies used up during 2018. (Hint: $4,250 + $5,500 - $2,650 = Supplies Used Up and needs to be recorded as Supplies Expense) b. Tara Company purchased an Auto on Jan 1, 2018 at a cost of $22,000. During the year, the Auto depreciated $4,000. c. Tara Company prepaid $18,000 for 6 months of her RENT on November 1, 2018. Record the adjustment for expired rent expense at Dec 31, 2018 (Hint: 2 months x $3,000 =Rent Expense needs to be recorded from Prepaid Rent). d. Tara Corp. has unpaid electricity costs of $650 at Dec 31, 2018. e. Tara Company collected revenue in advance of $12,000. At year end Tara determines that 80% was earned during 2018. (HINT: $12,000 x 80% is EARNED and no longer UNEARNED) f. Tara Company earned $4,350 from a customer on Dec 15, 2018 and has not yet sent out a bill or recorded the transaction yet. g. The Tara Company has WEEKLY payroll of $20,000. The year (12/31/18) ended on a Thursday and the employees are paid weekly every Friday. Record an adjustment for the payroll earned and unpaid in 2018.( HINT: $20,000 / 5 Days = $4,000 per day x 4 Days = $16,000 Unpaid Salary Expense NOT yet recorded)

Homework Answers

Answer #1
Adjusting Entries
TR Accounting titles & Explanations Debit Credit
a) office supplies expense 7100
office supplies. 7,100
(4250+5500-2650)
b) Depreciation expense 4,000
Accumulated depreciation 4,000
c) rent expense 6,000
prepaid rent 6,000
d) utiliity expense 650
utility payable/accounts payable 650
e) unearned revenue 9,600
revenue earned 9,600
f) Accounts receivable 4,350
revenue earned 4,350
g) Salary expense 16,000
Salaries payable 16,000
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