Journalize the following adjusting entries on December 31: A. The Supplies Account balance as of December 31 is $1,200. Actual supplies on hand equals $800. B. The company uses the allowance method for accounts receivable. A review of the accounts receivable aging report indicates that $50,000 of the accounts receivable will not be collectible. The allowance account has a current balance of $30,000. C. The trial balance indicates unearned revenue of $9,000. The company has determined that $3,000 of service has still not yet been provided. D. The company paid an annual insurance premium of $12,000 during the year. Six months of the insurance has expired. E. On January 1, the company purchased a delivery truck for 36,000. The company expects to use the truck for 3 years.

Journalize the following adjusting entries on December 31: A. The Supplies Account balance as of December 31 is $1,200. Actual supplies on hand equals $800. B. The company uses the allowance method for accounts receivable. A review of the accounts receivable aging report indicates that $50,000 of the accounts receivable will not be collectible. The allowance account has a current balance of $30,000. C. The trial balance indicates unearned revenue of $9,000. The company has determined that $3,000 of service has still not yet been provided. D. The company paid an annual insurance premium of $12,000 during the year. Six months of the insurance has expired. E. On January 1, the company purchased a delivery truck for 36,000. The company expects to use the truck for 3 years.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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