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ACC 291T Wk 3 - Practice: Connect Knowledge Check (New)

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ACC 291T Wk 3 - Practice: Connect Knowledge Check (New)

  1.  Depreciation on the company's equipment for the year is computed to be $12,000.
  2.  The Prepaid Insurance account had a $8,000 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of the company’s insurance policies showed that $1,510 of unexpired insurance coverage remains.
  3.  The Office Supplies account had a $220 debit balance at the beginning of December; and $2,680 of office supplies were purchased in December. The December 31 physical count showed $260 of supplies available.
  4.  One-fourth of the work related to $11,000 of cash received in advance was performed this period.
  5.  The Prepaid Rent account had a $5,200 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of rental policies showed that $3,690 of rental coverage had expired.
  6.  Wage expenses of $3,000 have been incurred but are not paid as of December 31.

Prepare adjusting journal entries for the year ended (date of) December 31 for each of these separate situations. 

 

  1.  Wages of $6,000 are earned by workers but not paid as of December 31.
  2.  Depreciation on the company’s equipment for the year is $11,200.
  3.  The Office Supplies account had a $310 debit balance at the beginning of December. During December, $5,984 of office supplies are purchased. A physical count of supplies at December 31 shows $648 of supplies available.
  4.  The Prepaid Insurance account had a $5,000 balance at the beginning of December. An analysis of insurance policies shows that $3,400 of unexpired insurance benefits remain at December 31.
  5.  The company has earned (but not recorded) $500 of interest revenue for the year ended December 31. The interest payment will be received on 10 days after the year-end January 10.
  6.  The company has a bank loan and has incurred (but not recorded) interest expense of $4,000 for the year ended December 31. The company will pay the interest five days after the year-end on January 5.

For each of the above separate cases, prepare adjusting entries required of financial statements for the year ended (date of) December 31. 

Required information

[The following information applies to the questions displayed below.] 

Nix’It Company’s ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix’It uses the perpetual inventory system). 

  

 

 

 

  

 

 

Merchandise inventory

$

40,800

 

Sales returns and allowances

$

5,900

 

 

121,300

 

Cost of goods sold

 

106,800

 

 

7,000

 

Depreciation expense

 

10,900

Sales

 

159,000

 

Salaries expense

 

35,500

Sales discounts

 

3,500

 

Miscellaneous expenses

 

5,000

 

A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $39,350.

 Prepare the entry to record any inventory shrinkage.  

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