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Fes Company is making adjusting journal entries for the yearended December 31, 2015. In developing information for theadjusting journal entries, you learned the following:


a.

A two-year insurance premium of $8,200 was paid on January 1,2015, for coverage beginning on that date. As of December 31, 2015,the unadjusted balances were $8,200 for Prepaid Insurance and $0for Insurance Expense.
b.

At December 31, 2015, you obtained the following data relatingto supplies.


Unadjusted balance in Supplies on December 31,2015 $ 20,000
Unadjusted balance in Supplies Expense on December 31,2015 82,000

Supplies on hand, counted on December 31, 2015

Indicate the accounting equation effects of the adjustmentrequired for (a) insurance and (b) supplies.(Enter any decreases to account balances with a minussign.)

14,000

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Bunny Greenfelder
Bunny GreenfelderLv2
28 Sep 2019

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Terrific Temps fills temporary employment positions for localbusinesses. Some businesses pay in
advance for services; others are billed after services have beenperformed. Advanced payments are
credited to an account entitled Unearned Fees. Adjusting entriesare performed on a monthly basis.
An unadjusted trial balance dated December 31, 2015, follows. (Bearin mind that adjusting entries
have already been made for the first 11 months of 2015, but not forDecember.)


TERRIFIC TEMPS
UNADJUSTED TRIAL BALANCE
DECEMBER 31, 2015
Cash $ 27,020
Accounts receivable 59,200
Unexpired insurance 900
Prepaid rent 3,000
Office supplies 600
Equipment 60,000
Accumulated depreciation: equipment $ 29,500
Accounts payable 4,180
Notes payable 12,000
Interest payable 320
Unearned fees 6,000
Income taxes payable 4,000
Unearned revenue 20,000
Retained earnings 49,000
Capital stock 25,000
Dividends 3,000
Feesearned 75,000
Travel expense 5,000
Insurance expense 2,980
Rentexpense 9,900
Office supplies expense 780
Utilities expense 4,800
Depreciation expense: equipment 5,500
Salaries expense 30,000
Interest expense 320
Income taxes expense 12,000
$ 225,000 $ 225,000

Other Data
1. Accrued butunrecorded fees earned as of December 31, 2015, amount to$1,500.
2. Records showthat $2,500 of cash receipts originally recorded as unearned feeshad been earned as of December 31.
3. The companypurchased a six-month insurance policy on September 1, 2015, for$1,800.
4. On December 1,2015, the company paid its rent through February 28, 2016.
5. Office supplieson hand at December 31 amount to $400.
6.

All equipment was purchased when the business first formed. Theestimated life of the equipment at that time was 10 years (or 120months).
7.

On August 1, 2015, the company borrowed $12,000 by signing asix-month, 8 percent note payable. The entire note, plus sixmonths' accrued interest, is due on February 1, 2016.
8. Accrued butunrecorded salaries at December 31 amount to $2,700.
9. Estimated incometaxes expense for the entire year totals $15,000. Taxesare due in the first quarter of 2016.

Instructions
a. For each of thenumbered paragraphs, prepare the necessary adjusting entry.(If no entry is required for a transaction/event, select"No journal entry required" in the first accountfield.)

Journal Entry Worksheet

Record the accrued but uncollected fees earned.

Record fees earned as of December 31st.

Record the December insurance expense.

Record the December rent expense.

Record the offices supplies used in December.

Record the December depreciation expense.

Record the interest accrued in December.

Record the salaries accrued in December.

Record the income taxes accrued in December.

Date GeneralJournal Debit Credit
Dec. 31

*Enter debits before credits

1. Fees earned
2. Travel expense
3. Insurance expense
4. Rent expense
5. Office supplies expense
6. Utilities expense
7. Depreciation expense: equipment
8. Interest expense
9. Salaries expense
10. Income taxes expense
. The unadjusted trial balance reportsdividends of $3,000. As of December 31, 2015, have these dividendsbeen paid?
Yes
No

Please include the answer for the depreciation expense and accumulated depreciation. i noticed other posts with this similar questions didnt have the answer to those

Required: #1. Prepare journal entries to record the December transactions in the General Journal Tab in the excel template file "Accounting Cycle Excel Template.xlsx". Use the following accounts as appropriate: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation, Accounts Payable, Wages Payable, Common Stock, Retained Earnings, Dividends, Service Revenue, Depreciation Expense, Wages Expense, Supplies Expense, Rent Expense, and Insurance Expense.
1-Dec Began business by depositing $10500 in a bank account in the name of the company in exchange for
1050 shares of $10 per share common stock.
1-Dec Paid the rent for the current month, $1450 .
1-Dec Paid the premium on a one-year insurance policy, $1320 .
1-Dec Purchased Equipment for $4200 cash.
5-Dec Purchased office supplies from XYZ Company on account, $300 .
15-Dec Provided services to customers for $9200 cash.
16-Dec Provided service to customers ABC Inc. on account, $8200 .
21-Dec Received $3400 cash from ABC Inc., customer on account.
23-Dec Paid $170 to XYZ company for supplies purchased on account on December 5 .
28-Dec Paid wages for the period December 1 through December 28, $5040 .
30-Dec Declared and paid dividend to stockholders $200 .
#2. Post all of the December transactions from the “General Journal” tab to the T-accounts under the “T-Accounts” tab in the excel template file "Accounting Cycle Excel Template.xlsx". Assume there are no beginning balances in any of the accounts.
#3. Compute the balance for each T-account after all of the entries have been posted. These are the unadjusted balance as of December 31.
#4. Prepare the unadjusted trial balance under the “Unadjusted Trial Balance” tab in the excel template file "Accounting Cycle Excel Template.xlsx" .
Provide the total of the credit column from the Unadjusted Trial Balance
#5. Record the following four transactions as adjusting entries under the “General Journal” tab.
31-Dec One month’s insurance has been used by the company $110.
31-Dec The remaining inventory of unused office supplies is $90.
31-Dec The estimated depreciation on equipment is $70.
31-Dec Wages incurred from December 29 to December 31 but not yet paid or recorded total $540.
#6. Post all of the adjusting entries to the T-accounts under the “T-Accounts” tab. Compute the balance for each T-account after all of the adjusting entries have been posted. These are the adjusted balance as of December 31.
#7. Prepare the adjusted trial balance under the “Adjusted Trial Balance” tab as of December 31 in the excel template file "Accounting Cycle Excel Template.xlsx" .
Provide the following accounts balances from the Adjusted Trial Balance:
Cash
Accounts Receivable
Supplies
Prepaid Insurance
Equipment
Accumulated Depreciation
Accounts Payable
Wages Payable
Common Stock
Retained Earnings
#8. Prepare Income Statement, Statement of Stockholder’s Equity, and Classified Balance Sheet under the “Financial Statements” tab for the month ended December 31, 20XX in the excel template file "Accounting Cycle Excel Template.xlsx".
Provide the following amount from the Income Statement:
Service Revenue
Depreciation Expense
Wages Expense
Supplies Expense
Rent Expense
Insurance Expense
Net Income
Provide the following account balance from the Statement of Stockholders' Equity:
Dividends
Provide the following account balances from the Balance Sheet:
Current Assets
Long-Term Assets
Total Liabilities
Total Stockholder’s Equity
Cash
#9. Record the closing entries under the “General Journal” tab.
#10. Post all of the closing entries to the T-accounts under the “T-Accounts” tab. Compute the balance for each T-account after all of the closing entries have been posted.
Provide the ending balance of Cash at December 31 from the T-account
Provide the balance of the Retained Earnings T-account after closing entries have been posted.
Does the ending balance of the Retained Earnings T-account agree with the balance of Retained Earnings on the Balance Sheet?
Check Point: Total Assets $ 20,950.00

Terrific Temps fills temporary employment positions for localbusinesses. Some businesses pay in advance for services; others arebilled after services have been performed. Advanced payments arecredited to an account entitled Unearned Fees. Adjusting entriesare performed on a monthly basis. An unadjusted trial balance datedDecember 31, 2015, follows. (Bear in mind that adjusting entrieshave already been made for the first 11 months of 2015, but not forDecember.) TERRIFIC TEMPS UNADJUSTED TRIAL BALANCE DECEMBER 31,2015 Cash $ 27,020 Accounts receivable 59,200 Unexpired insurance900 Prepaid rent 3,000 Office supplies 600 Equipment 60,000Accumulated depreciation: equipment $ 29,500 Accounts payable 4,180Notes payable 12,000 Interest payable 320 Unearned fees 6,000Income taxes payable 4,000 Unearned revenue 20,000 Retainedearnings 49,000 Capital stock 25,000 Dividends 3,000 Fees earned75,000 Travel expense 5,000 Insurance expense 2,980 Rent expense9,900 Office supplies expense 780 Utilities expense 4,800Depreciation expense: equipment 5,500 Salaries expense 30,000Interest expense 320 Income taxes expense 12,000 $ 225,000 $225,000 Other Data 1. Accrued but unrecorded fees earned as ofDecember 31, 2015, amount to $1,500. 2. Records show that $2,500 ofcash receipts originally recorded as unearned fees had been earnedas of December 31. 3. The company purchased a six-month insurancepolicy on September 1, 2015, for $1,800. 4. On December 1, 2015,the company paid its rent through February 28, 2016. 5. Officesupplies on hand at December 31 amount to $400. 6. All equipmentwas purchased when the business first formed. The estimated life ofthe equipment at that time was 10 years (or 120 months). 7. OnAugust 1, 2015, the company borrowed $12,000 by signing asix-month, 8 percent note payable. The entire note, plus sixmonths' accrued interest, is due on February 1, 2016. 8. Accruedbut unrecorded salaries at December 31 amount to $2,700. 9.Estimated income taxes expense for the entire year totals $15,000.Taxes are due in the first quarter of 2016. Instructions a. Foreach of the numbered paragraphs, prepare the necessary adjustingentry. (If no entry is required for a transaction/event, select "Nojournal entry required" in the first account field.

part 2.b. Determine that amount at which eachof the following accounts will be reported in the company’s 2015income statement

1.fees earned

2.travel expense

3.insurance expense

4.rent expense

5.office supplies expense

6.utilities expense

7.depreciation expense:equipment

8.interest expense

9.income taxes expense

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