Prepare adjusting entries for the following: a. Estimated depreciation on office
ID: 2370096 • Letter: P
Question
Prepare adjusting entries for the following:
a. Estimated depreciation on office equipment for the year, $3,600
b. The prepaid insurance account has a $2,580 debit balance before adjustment. An examination of insurance policies shows $890 of insurance expired.
c. The prepaid insurance account has a $2,150 debit balance before adjustment. An examination of Insurance policies shows $525 of unexpired insurance
d. A company has three office employees who each earn $75 per day for a five day workweek that ends on Friday. The employees were paid on Friday, December 26, and have worked full days on Monday, Tuesday, and Wednesday, December 29, 20 and 31.
e. On November 1, a property owner received 6 months
Explanation / Answer
a)equipment $3600
depriciation expense ($3600)
b)insurance expence $890
prepaid insurance ($890)
c)prepaid insurance $525
insurance expense ($525)
d)job expense $375
cash ($375)
e)unearned rent $4050
cash ($4050)
f)rent expense $750
prepaid rent ($750)