FINANCIAL ACCT.FUND.(LOOSELEAF)
7th Edition
ISBN: 9781260482867
Author: Wild
Publisher: MCG
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Chapter 3, Problem 6QS
a.
To determine
To prepare: The steps for adjustment entries for the supplies expense.
b.
To determine
To prepare: The steps for adjustment entries for the supplies expense.
c.
To determine
To prepare: The steps for adjustment entries for the supplies expense:
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Adjusting entries for prepaid insurance
Instructions Chart of Accounts
Journal
Instructions
The balance in the prepaid insurance account, before adjustment at the end of the year,
is $18,565. The year end is March 31.
Journalize the March 31 adjusting entry required under each of the following
alternatives for determining the amount of the adjustment: (a) the amount of insurance
expired during the year is $14,135; (b) the amount of unexpired insurance applicable to
future periods is $4,430. Refer to the Chart of Accounts for exact wording of account
titles.
B. ADJUSTING ENTRIES: More Review Show (MRS) prepares quarterly statements. The
bookkeeper presented to you the records and you found out the following account balances
before adjustments for the quarter ended March 31, 200B:
1. The notes receivable balance of P180,000 as of March 31, 200B consisted of a 60-day 12%
note for P120,000 dated February 14, 200B and a 30-day 6% note for P60,000 dated March
16, 200B
2. The balance of the prepaid insurance account of P22,000 represents a one-year policy
contracted last November 1, 200A for P10,000 and two year policy contracted last July 1, 200Å
for P12,000
3. The balance of the prepaid rent account of P50,000 pertains to advance rent paid last
December 1, 200A six months effective on the same date.
4. The rate per day of each of the four shop workers is P350. MRS pays the weekly salaries of
its workers every Monday of the following week ( a week consist of five days from Monday to
Friday). March 31, 200B falls on Thursday.
5. Mortgage notes…
Adjusting entries for prepaid insurance
Instructions
Chart of Accounts
Journal
Instructions
The balance in the prepaid insurance account, before adjustment at the end of the year, is $18,135.
Journalize the March 31 adjusting entry required under each of the following alternatives for determining the amount of the adjustment: (a) the amount of insurance expired during the year is $15,480; (b) the amount of unexpired insurance applicable to future periods is $2,655. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Chart of Accounts
CHART OF ACCOUNTS
General Ledger
ASSETS
11
Cash
12
Accounts Receivable
13
Supplies
14
Prepaid Insurance
15
Land
16
Equipment
17…
Chapter 3 Solutions
FINANCIAL ACCT.FUND.(LOOSELEAF)
Ch. 3 - A company forgot to record accrued and unpaid...Ch. 3 - Prior to recording adjusting entries, the Supplies...Ch. 3 - Prob. 3MCQCh. 3 - On November 1, Stockton Co. receives $3,600 cash...Ch. 3 - Prob. 5MCQCh. 3 - Prob. 1DQCh. 3 - Prob. 2DQCh. 3 - Prob. 3DQCh. 3 - Prob. 4DQCh. 3 - Prob. 5DQ
Ch. 3 - Prob. 6DQCh. 3 - Prob. 7DQCh. 3 - Prob. 8DQCh. 3 - Prob. 9DQCh. 3 - Prob. 10DQCh. 3 - Prob. 11DQCh. 3 - Prob. 12DQCh. 3 - Prob. 13DQCh. 3 - Prob. 14DQCh. 3 - Prob. 15DQCh. 3 - Prob. 16DQCh. 3 - Prob. 17DQCh. 3 - Prob. 18DQCh. 3 - Prob. 1QSCh. 3 - Prob. 2QSCh. 3 - Prob. 3QSCh. 3 - Prob. 4QSCh. 3 - Prob. 5QSCh. 3 - Prob. 6QSCh. 3 - Prob. 7QSCh. 3 - Prob. 8QSCh. 3 - Prob. 9QSCh. 3 - Prob. 10QSCh. 3 - Prob. 11QSCh. 3 - Prob. 12QSCh. 3 - Prob. 13QSCh. 3 - Prob. 14QSCh. 3 - Prob. 15QSCh. 3 - Prob. 16QSCh. 3 - Prob. 17QSCh. 3 - Prob. 18QSCh. 3 - Prob. 19QSCh. 3 - Prob. 20QSCh. 3 - Prob. 21QSCh. 3 - Prob. 22QSCh. 3 - Preparing a classified balance sheet C3 Use the...Ch. 3 - Prob. 24QSCh. 3 - Prob. 25QSCh. 3 - Prob. 26QSCh. 3 - Prob. 27QSCh. 3 - Prob. 28QSCh. 3 - Prob. 1ECh. 3 - Prob. 2ECh. 3 - Prob. 3ECh. 3 - Prob. 4ECh. 3 - Prob. 5ECh. 3 - Prob. 6ECh. 3 - Prob. 7ECh. 3 - Prob. 8ECh. 3 - Prob. 9ECh. 3 - Prob. 10ECh. 3 - Prob. 11ECh. 3 - Prob. 12ECh. 3 - Prob. 13ECh. 3 - Prob. 14ECh. 3 - Prob. 15ECh. 3 - Preparing unadjusted and adjusted trial balances,...Ch. 3 - Prob. 17ECh. 3 - Prob. 1PSACh. 3 - Prob. 2PSACh. 3 - Prob. 6PSACh. 3 - Prob. 7PSACh. 3 - Prob. 1PSBCh. 3 - Prob. 2PSBCh. 3 - Prob. 3PSBCh. 3 - Preparing financial statements from adjusted trial...Ch. 3 - Prob. 5PSBCh. 3 - Preparing closing entries and financial statements...Ch. 3 - Determining balance sheet classifications C3 In...Ch. 3 - After the success of the company’s first two...Ch. 3 - Prob. 1GLPCh. 3 - Prob. 2GLPCh. 3 - Prob. 3GLPCh. 3 - Prob. 4GLPCh. 3 - Prob. 5GLPCh. 3 - Prob. 1AACh. 3 - Prob. 2AACh. 3 - Prob. 3AACh. 3 - Prob. 1BTNCh. 3 - Prob. 2BTNCh. 3 - Prob. 3BTNCh. 3 - Prob. 4BTNCh. 3 - Prob. 5BTNCh. 3 - Prob. 6BTN
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- Adjusting entries for prepaid insurance The balance in the prepaid insurance account, before adjustment at the end of the year, is $21,910. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: a. The amount of insurance expired during the year is $16,650. If an amount box does not require an entry, leave it blank. b. The amount of unexpired insurance applicable to future periods is $5,260. If an amount box does not require an entry, leave it blank. Σ .arrow_forwardAdjusting entries for prepaid insurance The balance in the prepaid insurance account, before adjustment at the end of the year, is $22,500. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: a. The amount of insurance expired during the year is $18,000. If an amount box does not require an entry, leave it blank. 88 b. The amount of unexpired insurance applicable to future periods is $4,500. If an amount box does not require an entry, leave it blank.arrow_forwardAdjusting Entries for Prepaid Insurance The balance in the prepaid insurance account, before adjustment at the end of the year, is $8,950. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: If an amount box does not require an entry, leave it blank. a. The amount of insurance expired during the year is $6,800. b. The amount of unexpired insurance applicable to future periods is $2,150.arrow_forward
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