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College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Edition 2ISBN: 978-0073396958College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Edition 2ISBN: 978-0073396958 Exercise 17
Journalizing and posting adjustments.
Wade Company must make three adjusting entries on December 31, 2013.
a. Supplies used, $10,000; (supplies totaling $16,000 were purchased on December 1, 2013, and debited to the Supplies account).
b. Expired insurance, $7,200 on December 1, 2013; the firm paid $43,200 for six months' insurance coverage in advance and debited Prepaid Insurance for this amount.
c. Depreciation expense for equipment, $4,800.
Make the journal entries for these adjustments and post the entries to the general ledger accounts: Use page 3 of the general journal for the adjusting entries. Use the following accounts and numbers.
Wade Company must make three adjusting entries on December 31, 2013.
a. Supplies used, $10,000; (supplies totaling $16,000 were purchased on December 1, 2013, and debited to the Supplies account).
b. Expired insurance, $7,200 on December 1, 2013; the firm paid $43,200 for six months' insurance coverage in advance and debited Prepaid Insurance for this amount.
c. Depreciation expense for equipment, $4,800.
Make the journal entries for these adjustments and post the entries to the general ledger accounts: Use page 3 of the general journal for the adjusting entries. Use the following accounts and numbers.
Explanation
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College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
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