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babunello [35]
3 years ago
5

At the end of May, the following adjustment data were assembled:A. Insurance expired during May is $275B. Supplies on hand on Ma

y 31 are $715C. Depreciation of office equipment for May is $330D. Accrued receptionist salary on May 31 is $325E. Rent expired during May is $1,600F. Unearned fees on May 31 are $3,210Required:Journalize the adjusting entries.
Business
1 answer:
jasenka [17]3 years ago
3 0

Answer and Explanation:

The journal entries are shown below:

a.  Insurance expense $275

             To Prepaid insurance $275

(Being the insurance expense is recorded)

b.  Supplies expense $785 ($1,500 - $715)

            To Supplies $785

(Being the supplies expense is recorded)

We assume the balance of supplies before adjustment is $1,500

c. Depreciation - office equipment $330

          To Accumulated depreciation $330

(Being the depreciation expense is recorded)

d. Salary Dr $325

        To Accrued salary $325

(Being the accrued salary is recorded)

e.  Rent expense $1,600

            To Prepaid rent $1,600

(Being the rent expense is recorded)

f. Unearned fees $790

           To Fees revenue $790

(Being the unearned fees is recorded)

We assume the balance of unearned fees before adjustment is $4,000

So, $790 is come from

= $4,000 - $3,210

= $790

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$46,000

Explanation:

The computation of the total liabilities at the end of the first​ year is shown below:

We know that

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where,

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Working Note:

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