Exam 1 Logged out of My vocs 4. 0.00 points a. Depreciation on the company\'s eq

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Exam 1 Logged out of My vocs 4. 0.00 points a. Depreciation on the company's equipment for 2013 is computed to be 31, 2013, before adjusting for b. The Prepaid Insurance account had balance showed that$1 the costs of any expired coverage. An analysis of the company's insurance pololes S1440 unexpired insurance coverage remains. and S2/680 of ottoe The supplies account s540 debit balanoe on December 31, 2012 supplies were purchased during the year. The December 31, 2013, physical count showed $637 of performed this period. One-fourth of the work related to$11,000 ofcash received in advance was 31, 2013, before adusting for e, The Prepaid Insurance account had a$5,000 debit balance at the costs of any expired coverage. An analysis ofinsurancepolicies showed thatsa S60ofcoverage 31, 2013. of $5,000 have been incurred but are not paid as of Wage expenses 31, 2013, for each of these Prepare adusting joumal entries for the year ended date of December in asset accounts, Also separate situations, Assume that prepaid expenses are intaly recorded initially recorded as abilties. assume that fees collected in advance Journal Entry Worksheet Depreciation on the company's equipment for 2013 is computed to be Q W E R T Y

Explanation / Answer

Journal entries:

Description Debit Credit Depreciation expense $13,000 To Accumulated depreciation $13,000 Insurance expense $7,560 To Prepaid insuracne(9,000- 1,440) $7,560 Supplies expense $2,583 To Supplies (540+2680-637) $2,583 Unearned service revenue $2,750 To Service revenue(11,000*1/4) $2,750 Insurance expense $3,560 To Prepaid insuracne $3,560 Wage expense $5,000 To Wages payable $5,000

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