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rusak2 [61]
3 years ago
14

Depreciation on the company's equipment for the year is computed to be $18,000. The prepaid insurance account had a $6,000 debit

balance at december 31 before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $1,100 of unexpired insurance coverage remains. The office supplies account had a $700 debit balance at the beginning of december; and $3,480 of office supplies were purchased in december. The december 31 physical count showed $300 of supplies available. Two-thirds of the work related to $15,000 of cash received in advance was performed this period. The prepaid rent account had a $6,800 debit balance at december 31 before adjusting for the costs of any expired coverage. An analysis of rental policies showed that $5,800 of rental coverage had expired. Wage expenses of $3,200 have been incurred but are not paid as of december 31.
Business
1 answer:
scZoUnD [109]3 years ago
3 0

                       Depreciation Expense............................$18000

                                To Accumulated Depreciation............................$18000

(Being depreciation expense accounted)

                     Insurance Expense................................$4900

                               To Prepaid Insurance...........................................$4900

(Being Insurance Expensed)

                         Supplies Expense..............................$3880

                                 To Supplies.......................................................$3880

(Being Supplies Consumed Expensed)

                     Unearned Service Revenue.......................$10000

                           To Service Revenue..................................................$10000

(Being Unearned Service Revenue Recognised)

                        Rent Expense...............................$5800

                                 To Prepaid Rent......................................$5800

(Being rent expired Expensed off)

                     Wages Expense..............................$3200

                              To Wages Payable....................................$3200

(Being Wages payable expensed).

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