Jaworski’s Ski Store is completing the accounting process for its first year end

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Jaworski’s Ski Store is completing the accounting process for its first year ended December 31, 2013. The transactions during 2013 have been journalized and posted. The following data are available to determine adjusting journal entries: a. The unadjusted balance in Supplies was $790 at December 31, 2013. The unadjusted balance in Supplies Expense was $0 at December 31, 2013. A year-end count showed $100 of supplies on hand. b. Wages earned by employees during December 2013, unpaid and unrecorded at December 31, 2013, amounted to $3,100. The last paychecks were issued December 28; the next payments will be made on January 6, 2014. The unadjusted balance in Wages Expense was $34,000 at December 31, 2013. c. A portion of the store’s basement is now being rented for $1,040 per month to K. Frey. On November 1, 2013, the store collected six months’ rent in advance from Frey in the amount of $6,240. It was credited in full to Unearned Revenue when collected. The unadjusted balance in Rent Revenue was $0 at December 31, 2013. d. The store purchased delivery equipment at the beginning of the year. The estimated depreciation for 2013 is $1,400, although none has been recorded yet. e. On December 31, 2013, the unadjusted balance in Prepaid Insurance was $2,640. This was the amount paid in the middle of the year for a two-year insurance policy with coverage beginning on July 1, 2013. The unadjusted balance in Insurance Expense was $420, which was the cost of insurance from January 1 to June 30, 2013. f. Jaworski’s store did some ski repair work for Frey. At the end of December 31, 2013, Frey had not paid for work completed amounting to $690. This amount has not yet been recorded as Service Revenue. Collection is expected during January 2014.

f Facebook y 40) The Life of Pablo- Stream Kanye West's TAX The Pirate Bay-The gala Kanye West-Father Stretx M Homework 4 ** Online Accounting Tutors × × Facebook -> Liezto.mheducation.com/hm.tpx At December 31, the unadjusted trial balance of H&R; Tacks reports Unearned Revenue of $5,500 and f Facebook , y (138) The Life of Pablo-Tx / M Homework 4 × e (2) New messages from x (2) New messages from × a Facebook -C D ezto.mheducation.com/hm.tpx Jaworski's Ski Store is completing the accounting process for its first year ended December 31, 2013. The transactions during 2013 have been journalized and posted. The following data are available to determine adjusting journal entries a. The unadjusted balance in Supplies was $790 at December 31, 2013. The unadjusted balance in Supplies Expense was $0 at December 31, 2013. A year-end count showed $100 of supplies on hand b. Wages earned by employees during December 2013, unpaid and unrecorded at December 31, 2013 amounted to $3,100. The last paychecks were issued December 28, the next payments will be made on January 6, 2014. The unadjusted balance in Wages Expense was $34,000 at December 31, 2013 c. A portion of the store's basement is now being rented for $1,040 per month to K. Frey. On November 1 2013, the store collected six months' rent in advance from Frey in the amount of $6,240. It was credited in full to Unearned Revenue when collected. The unadjusted balance in Rent Revenue was $0 at December 31, 2013 d. The store purchased delivery equipment at the beginning of the year. The estimated depreciation for 2013 is $1,400, although none has been recorded yet e. On December 31, 2013, the unadjusted balance in Prepaid Insurance was $2,640. This was the amount paid in the middle of the year for a two-year insurance policy with coverage beginning on July 1, 2013 The unadjusted balance in Insurance Expense was $420, which was the cost of insurance from January 1 to June 30, 2013 Jaworski's store did some ski repair work for Frey. At the end of December 31, 2013, Frey had not paid for work completed amounting to $690. This amount has not yet been recorded as Service Revenue Collection is expected during January 2014 f. Required For each situation, prepare the adjusting journal entry that Jaworski's should record at December 31, 2013 (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) view transaction list view general journal Journal Entry Worksheet 123080 Record the adjusting entry for supplies Transaction General Journal Debit Credit Enter debits before credits done clear entry record entry

Explanation / Answer

Transaction General Journal Debit Credit a Supplies Expenses (790-100) 690 Supplies 690 b Wages Expenses 3100 Wages Payable 3100 c Unearned Revenue (1040*2) 2080 Rent Revenue 2080 d Depreciation 1400 Accumulated Depreciation 1400 e Insurance Expense (2640*1/2*1/2) 660 Prepaid Insurance 660 f Account Recievable 690 Service Revenue 690

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