Gaffney Company had these resulting adjusting entry situations at the end of Dec

Question

Gaffney Company had these resulting adjusting entry situations at the end of December. Record the adjusting entries at December 31, using T-Accounts.

I'm trying to learn Excel, could someone please possibly do this T-Account problem in Excel and then screen shot it or write it similarly so I can see it? Thank you so much in advance.

1) On July 1, Gaffney Company paid $1,200 for a one-year insurance policy. The policy was for the period July 1 through June 30. The transaction was recorderd as prepaid insurance and a reduction in cash.

2) On September 10, Gaffney Company purchased $500 of supplies for cash. The purchase was recorded as supplies. On December 31, it was determined that various supplies had been consumed in operations and that supplies costing $200 remained on hand.

3) Gaffney Company received $1,000 on December 1 for services to be performed in the following year. This was recorded on December 1 as an increase in cash and as revenue. As of December 31, this needs to be recognized as Unearned Revenue, a liability account.

4) As of December 31, interest charges of $200 have been incurred because of borrowed funds. Payment will not be made until February. A liability for the interest needs to be recognized, as does the interest expense.

5) As of December 31, a $500 liability for salaries needs to be recognized.

6) As of December 31, Gaffney Company had provided services in the amont of $400 for Jones Company. An asset, Accounts Receivable, needs to be recognized along with the revenue.

Explanation / Answer

http://www.filerange.com/gaffney-company-had-these-adjusting-entry-situations-at-the-end-of-december-1-on

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