gle Chrome File Edit View History Bookmarks Profiles Tab Window Help Gbjs-Google Search x QuickLaunchSSO :: Single Siç x M Question 9 Chapter 3 Home X + ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.mwcc.edu%252Fwe... Chapter 3 Homework Saved 9 22.42 points PICNICI SAM (Miyu riepany mancial Statements Home adjusted Liai valatice L The adjusted trial balance for Chiara Company as of December 31 follows. Cash Debit Credit eBook Ask Print References Accounts receivable Interest receivable. Notes receivable (due in 90 days) Office supplies Automobiles Accumulated depreciation-Automobiles Equipment Accumulated depreciation-Equipment Land Accounts payable $ 225,200 52,000 20,000 171,000 17,000 174,000 $ 85,000 136,000 86,000 27,000 101,000 Interest payable 20,000 Salaries payable 19,000 Unearned revenue 46,000 Long-term notes payable 150,000 R. Chiara, Capital 335,800 R. Chiara, Withdrawals 45,000 Services revenue Interest revenue 544,000 20,000 Depreciation expense-Automobiles 25,500 Depreciation expense-Equipment 19,000 Salaries expense 182,000 Wages expense 41,000 Interest expense Office supplies expense Advertising expense Repairs expense-Automobiles Totals 33,400 34,000 59,500 27,200 $ 1,347,800 $ 1,347,800 Mc Graw Hill MAY 30 < Prev 9 of 10 Next > tv NO AC Aa Google Chrome File Edit View History Gbjs- Google Search Bookmarks x Profiles Tab QuickLaunchSSO :: Single Sig Window Help x M Question 8- Chapter 3 Home .x ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.mwcc.edu%252Fwe... ☆ Chapter 3 Homework Saved Help Save & Exit 8 12.81 points eBook Ask Print References Problem 3-2A (Algo) Preparing adjusting and subsequent journal entries LO P1, P2, P3, P4 Arnez Company's annual accounting period ends on December 31. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $3,175 balance. During the year, the company purchased supplies for $13,113, which was added to the Office Supplies account. The inventory of supplies available at December 31 totaled $2,794. b. The Prepaid Insurance account had a $30,192 debit balance at December 31 before adjusting for the costs of any expired coverage for the year. An analysis of prepaid insurance shows that $21,735 of unexpired Insurance coverage remains at year- end. c. The company has 15 employees, who earn a total of $2,400 in salaries each working day. They are paid each Monday for their work in the five-day workweek ending on the previous Friday. Assume that December 31 is a Tuesday, and all 15 employees worked the first two days of that week. Because New Year's Day is a paid holiday, they will be paid salaries for five full days on Monday, January 6 of next year. d. The company purchased a building at the beginning of this year. It cost $775,000 and is expected to have a $45,000 salvage value at the end of its predicted 35-year life. Annual depreciation is $20,857. e. Since the company is not large enough to occupy the entire building it owns, it rented space to a tenant at $2,700 per month, starting on November 1. The rent was paid on time on November 1, and the amount received was credited to Rent Revenue. However, the tenant has not paid the December rent. The company has worked out an agreement with the tenant, who has promised to pay both December and January rent in full on January 31. f. On November 1, the company rented space to another tenant for $2,446 per month. The tenant paid five months' rent in advance on that date. The payment was recorded with a credit to the Unearned Revenue account. Assume no other adjusting entries are made during the year. Required: 1. Use the information to prepare adjusting entries as of December 31. 2. Prepare journal entries to record the first subsequent cash transaction in January of the next year for parts c and e. Graw Hill 30 < Prev 8 of 10 Next > ⚫tv 7AO Aa b ← с G Search or type URL ☆ Check