Journalize the adjusting entries needed on December 31, the endof the current accounting period for blue Inc. using the followingdata:
a. The balance in Office Supplies before adjustment is $6,200. Aphysical count reveals $4,350 of supplies on hand at December31.
b. A computer was purchased on January 1 for $20,000. Thecomputer has a useful life of 4 years and is depreciated in theamount of $5,000 per year
c. A one year insurance policy costing $6,960 was purchased onSeptember 1
d. Employee salaries are owed for 2 days of a regular 7-day workweek. Weekly payroll, $8,050
e. Unearned Maintenance Revenue has a balance of $19,000 beforeadjustment. Records that $7,800 of that amount has been earned byDecember 31.
- Required: Prepare the appropriate adjusting journal entries torecord these transactions.
Journalize the adjusting entries needed on December 31, the endof the current accounting period for blue Inc. using the followingdata:
a. The balance in Office Supplies before adjustment is $6,200. Aphysical count reveals $4,350 of supplies on hand at December31.
b. A computer was purchased on January 1 for $20,000. Thecomputer has a useful life of 4 years and is depreciated in theamount of $5,000 per year
c. A one year insurance policy costing $6,960 was purchased onSeptember 1
d. Employee salaries are owed for 2 days of a regular 7-day workweek. Weekly payroll, $8,050
e. Unearned Maintenance Revenue has a balance of $19,000 beforeadjustment. Records that $7,800 of that amount has been earned byDecember 31.
- Required: Prepare the appropriate adjusting journal entries torecord these transactions.
