To view this notification widget you need to have JavaScript enabled. This notification widget was easily created with NotifySnack.
  Loading... Please wait...

A partial trial balance of Indigo Corporation is as follows on December 31, 2018. Dr. Supplies Cr. $2,600 Salaries and wages payable $1,300

Price:
$14.99


Product Description

A partial trial balance of Indigo Corporation is as follows on December 31, 2018.

 

 

Dr.

 

Cr.

Supplies

 

$2,600

 

 

Salaries and wages payable

 

 

 

$1,300

Interest Receivable

 

5,000

 

 

Prepaid Insurance

 

89,600

 

 

Unearned Rent

 

 

 

0

Interest Payable

 

 

 

14,900


Additional adjusting data:

1.

 

A physical count of supplies on hand on December 31, 2018, totaled $1,000.

2.

 

Through oversight, the Salaries and Wages Payable account was not changed during 2018. Accrued salaries and wages on December 31, 2018, amounted to $4,700.

3.

 

The Interest Receivable account was also left unchanged during 2018. Accrued interest on investments amounts to $4,200 on December 31, 2018.

4.

 

The unexpired portions of the insurance policies totaled $70,800 as of December 31, 2018.

5.

 

$25,800 was received on January 1, 2018, for the rent of a building for both 2018 and 2019. The entire amount was credited to rent revenue.

6.

 

Depreciation on equipment for the year was erroneously recorded as $4,500 rather than the correct figure of $45,000.

7.

 

A further review of depreciation calculations of prior years revealed that equipment depreciation of $6,400 was not recorded. It was decided that this oversight should be corrected by a prior period adjustment.

 

 

 

 

 

 

 

 

 

Assuming that the books have not been closed, what are the adjusting entries necessary at December 31, 2018? (Ignore income tax considerations.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

No.

Account Titles and Explanation

Debit

Credit

1.

 

 

 

 

 

 

 

2.

 

 

 

 

 

 

 

3.

 

 

 

 

 

 

 

4.

 

 

 

 

 

 

 

5.

 

 

 

 

 

 

 

6.

 

 

 

 

 

 

 

7.

 

 

 

 

 

 

 

 

 

SHOW LIST OF ACCOUNTS

 

 

 

 

 

 

 

 

Assuming that the books have been closed, what are the adjusting entries necessary at December 31, 2018? (Ignore income tax considerations.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

No.

Account Titles and Explanation

Debit

Credit

1.

 

 

 

 

 

 

 

2.

 

 

 

 

 

 

 

3.

 

 

 

 

 

 

 

4.

 

 

 

 

 

 

 

5.

 

 

 

 

 

 

 

6.

 

 

 

 

 

 

 

7.

 

 

 

 

 

 

 

 

 

 

Products by Category