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a. b. For each of the above separate cases, analyze each adjusting entry by showing its effects on the accounting equation-specifically, identify the accounts and amounts (including (+) increase or (-) decrease) for each transaction or event. C. d. Required information [The following information applies to the questions displayed below.] e. f. a. Wages of $14,000 are earned by workers but not paid as of December 31. b. Depreciation on the company's equipment for the year is $10,960. c. The Supplies account had a $490 debit balance at the beginning of the year. During the year, $6,459 of supplies are purchased. A physical count of supplies at December 31 shows $696 of supplies available. d. The Prepaid Insurance account had a $5,000 balance at the beginning of the year. An analysis of insurance policies shows that $2,000 of unexpired insurance benefits remain at December 31. e. The company has earned (but not recorded) $1,000 of interest revenue for the year ended December 31. The interest payment will be received 10 days after the year-end on January 10. f. 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. Wages payable Accumulated depreciation -Equipment Supplies Prepaid insurance Interest receivable Interest expense Assets X(+) increase (-) decrease (-) decrease (-) decrease ✓ (+) increase X(+) increase X ✔ ✔ ✓ x 14,000 x 10,960 6,253 3,000 = 1,000 4,000 X = = = Answer is complete but not entirely corre Liabilities (+) increase X(+) increase X(+) increase X(+) increase X(+) increase (+) increase Wages payable Depreciation expense- Equipment Supplies expense Insurance expense Interest revenue Interest payable X x x + 14,000 + W D 10,960 + Ec 5,969 + 3,000 X + 1,000 x + 4,000✔ + SL Ins Int Inte

a. b. For each of the above separate cases, analyze each adjusting entry by showing its effects on the accounting equation-specifically, identify the accounts and amounts (including (+) increase or (-) decrease) for each transaction or event. C. d. Required information [The following information applies to the questions displayed below.] e. f. a. Wages of $14,000 are earned by workers but not paid as of December 31. b. Depreciation on the company's equipment for the year is $10,960. c. The Supplies account had a $490 debit balance at the beginning of the year. During the year, $6,459 of supplies are purchased. A physical count of supplies at December 31 shows $696 of supplies available. d. The Prepaid Insurance account had a $5,000 balance at the beginning of the year. An analysis of insurance policies shows that $2,000 of unexpired insurance benefits remain at December 31. e. The company has earned (but not recorded) $1,000 of interest revenue for the year ended December 31. The interest payment will be received 10 days after the year-end on January 10. f. 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. Wages payable Accumulated depreciation -Equipment Supplies Prepaid insurance Interest receivable Interest expense Assets X(+) increase (-) decrease (-) decrease (-) decrease ✓ (+) increase X(+) increase X ✔ ✔ ✓ x 14,000 x 10,960 6,253 3,000 = 1,000 4,000 X = = = Answer is complete but not entirely corre Liabilities (+) increase X(+) increase X(+) increase X(+) increase X(+) increase (+) increase Wages payable Depreciation expense- Equipment Supplies expense Insurance expense Interest revenue Interest payable X x x + 14,000 + W D 10,960 + Ec 5,969 + 3,000 X + 1,000 x + 4,000✔ + SL Ins Int Inte

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter4: The Adjustment Process
Section: Chapter Questions
Problem 13PA: Prepare adjusting journal entries, as needed, considering the account balances excerpted from the...
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a. b. C. d. ! For each of the above separate cases, analyze each adjusting entry by showing its effects on the accounting equation-specifically, identify the accounts and amounts (including (+) increase or (-) decrease) for each transaction or event. e. f. Required information [The following information applies to the questions displayed below.] a. Wages of $14,000 are earned by workers but not paid as of December 31. b. Depreciation on the company's equipment for the year is $10,960. c. The Supplies account had a $490 debit balance at the beginning of the year. During the year, $6,459 of supplies are purchased. A physical count of supplies at December 31 shows $696 of supplies available. d. The Prepaid Insurance account had a $5,000 balance at the beginning of the year. An analysis of insurance policies shows that $2,000 of unexpired insurance benefits remain at December 31. e. The company has earned (but not recorded) $1,000 of interest revenue for the year ended December 31. The interest payment will be received 10 days after the year-end on January 10. f. 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. Wages payable Accumulated depreciation -Equipment Supplies Prepaid insurance Interest receivable Interest expense Assets X(+) increase (-) decrease (-) decrease (-) decrease (+) increase X(+) increase X X 14,000 X = 10,960 6,253 3,000 1,000 4,000 X = Answer is complete but not entirely correct. Liabilities ✓(+) increase X(+) increase X(+) increase X(+) increase X(+) increase (+) increase Wages payable Depreciation expense- Equipment Supplies expense Insurance expense Interest revenue Interest payable S 5 # X X X 14,000 + 10,960 5,969 x + 3,000 X + 1,000 + 4,000 + + does not indicate completion. Wages expense Depreciation expense- Equipment Supplies expense Insurance expense Interest revenue Interest expense Equity (-) decrease (-) decrease ✓(-) decrease (-) decrease ✓(+) increase (-) decrease 14,000 10,960 6,253 3,000 1,000 4,000 Return to question
Transcribed Image Text:a. b. C. d. ! For each of the above separate cases, analyze each adjusting entry by showing its effects on the accounting equation-specifically, identify the accounts and amounts (including (+) increase or (-) decrease) for each transaction or event. e. f. Required information [The following information applies to the questions displayed below.] a. Wages of $14,000 are earned by workers but not paid as of December 31. b. Depreciation on the company's equipment for the year is $10,960. c. The Supplies account had a $490 debit balance at the beginning of the year. During the year, $6,459 of supplies are purchased. A physical count of supplies at December 31 shows $696 of supplies available. d. The Prepaid Insurance account had a $5,000 balance at the beginning of the year. An analysis of insurance policies shows that $2,000 of unexpired insurance benefits remain at December 31. e. The company has earned (but not recorded) $1,000 of interest revenue for the year ended December 31. The interest payment will be received 10 days after the year-end on January 10. f. 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. Wages payable Accumulated depreciation -Equipment Supplies Prepaid insurance Interest receivable Interest expense Assets X(+) increase (-) decrease (-) decrease (-) decrease (+) increase X(+) increase X X 14,000 X = 10,960 6,253 3,000 1,000 4,000 X = Answer is complete but not entirely correct. Liabilities ✓(+) increase X(+) increase X(+) increase X(+) increase X(+) increase (+) increase Wages payable Depreciation expense- Equipment Supplies expense Insurance expense Interest revenue Interest payable S 5 # X X X 14,000 + 10,960 5,969 x + 3,000 X + 1,000 + 4,000 + + does not indicate completion. Wages expense Depreciation expense- Equipment Supplies expense Insurance expense Interest revenue Interest expense Equity (-) decrease (-) decrease ✓(-) decrease (-) decrease ✓(+) increase (-) decrease 14,000 10,960 6,253 3,000 1,000 4,000 Return to question
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