Could you please help me solve the accounting below? Please see the attached fil

Question

Could you please help me solve the accounting below? Please see the attached file. Please help to do it step-by-step with all the workings and solutions. Thank you very much!

1. Diane Company completed its first year of operations on December 31. All of the year's entries have been recorded except for the following:

      a. At year-end, employees earned wages of $4,800, which will be paid on the next payroll date in January of next year.

      b. At year-end, the company had earned interest revenue of $1,900. The cash will be collected March 1 of next year.

2. Aubrae Company is making adjusting entries for the year ended December 31 of the current year. In developing information for the adjusting entries, the accountant learned the following:

     a. A two-year insurance premium of $5,760 was paid on October 1 of the current year for coverage beginning on that date. The bookkeeper debited the full amount to Prepaid Insurance on October 1.

     b. At December 31 of the current year, the following data relating to Shipping Supplies were obtained from the records and supporting documents.

Required:

For each of the transactions in Diane Company and Aubrae Company, indicate the amount and the direction of effects of the adjusting entry on the elements of the balance sheet and income statement. Using the table below, indicate + for increase and - for decrease. (Round your final answers to nearest whole dollar value)

Shipping supplies on hand, January 1 of the current year $ 14,600 Purchases of shipping supplies during the current year 83,000 Shipping supplies on hand, counted on December 31 of the current year 24,000

Required:

For each of the transactions in Diane Company and Aubrae Company, indicate the amount and the direction of effects of the adjusting entry on the elements of the balance sheet and income statement. Using the table below, indicate + for increase and - for decrease. (Round your final answers to nearest whole dollar value)

1. Diane Company completed its first year of operations on December 31. All of the years entries have been recorded except for the following: a. At year-end, employees earned wages of $4,800, which will be paid on the next payroll date in January of next year. b. At year-end, the company had earned interest revenue of $1,900. The cash will be collected March 1 of next year. .Aubrae Company is making adjusting entries for the year ended December 31 of the current year. In developing information for the adjusting entries, the accountant learned the following: a. A two-year insurance premium of $5,760 was paid on October 1 of the current year for coverage beginning on that date. The bookkeeper debited the full amount to Prepaid Insurance on October 1 b. At December 31 of the current year, the following data relating to Shipping Supplies were obtained from the records and supporting documents. Shipping supplies on hand, January 1 of the current year Purchases of shipping supplies during the current year Shipping supplies on hand, counted on December 31 of the current year 83,000 24,000 Required For each of the transactions in Diane Company and Aubrae Company, indicate the amount and the direction of effects of the adjusting entry on the elements of the balance sheet and income statement. Using the table below, indicate+for increase and -for decrease. (Round your final answers to nearest whole dollar value) Balance Sheet Income Statement n Assets Liabilities Stockholders Revenues Expenses Net Income EquityR (1-a) (1

Explanation / Answer

Assets Liabilities Stockholders’ Equity Revenues Expenses Net income 1a 4800 -4800 4800 -4800 1b 1900 1900 1900 1900 2a -720 -720 720 -720 2b -73600 -73600 73600 -73600 Calculation: 2a: 5760/24*3 = 720 2b: 14600+83000-24000 = 73600

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