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Year-End Adjusting Entries Guide

Enter Name is a fishing guide who provides services to clients and owns a boat. The document provides information about several adjusting journal entries needed at year-end for depreciation, unearned revenue, prepaid expenses, supplies inventory, and accrued interest.

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Alish Dhamani
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6 views7 pages

Year-End Adjusting Entries Guide

Enter Name is a fishing guide who provides services to clients and owns a boat. The document provides information about several adjusting journal entries needed at year-end for depreciation, unearned revenue, prepaid expenses, supplies inventory, and accrued interest.

Uploaded by

Alish Dhamani
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd

Student Name: Enter Name

5 Digit Identification Number: 0

Date: 8/30/2016
I-02.04

Enter Name is a fishing guide offering services to a variety of clients. The following information is needed to record end-of-year adjustin
entries. The company only records adjustments at year end.

Prepare adjusting entries for each of the following transactions. Account titles and amounts are to be selected from the choices found in th
drop down pick lists associated with each entry. A check mark will appear beside a correct entry.

(a) Enter Name Company has a boat. The asset records indicate that annual depreciation is $.

GENERAL JOURNAL  

Date Accounts Debit

Dec. 31 ### -

###

During the current year some clients began prepaying for future services. Total
(b) collections under prepayment plans were $, of which 75% had been earned by the
end of the year.

GENERAL JOURNAL  

Date Accounts Debit

Dec. 31 ### -

###
To recognize earned portion of client prepayments
I-02.04

Enter Name Company advertises in a local newspaper. On December 1, the company


(c) prepaid $ for a three-month advertising campaign that began immediately. The
prepayment was initiall recorded as prepaid advertising.

GENERAL JOURNAL  

Date Accounts Debit

Dec. 31 -

To record consumption of advertising services to date

(d) #VALUE!

GENERAL JOURNAL  

Date Accounts Debit

Dec. 31 ### -

###
To record earned, but unbilled services provided to customer.

Enter Name purchased an annual insurance policy on October 1 for $. On October 1,


(e)
the policy was initially recorded as prepaid insurance.

GENERAL JOURNAL  

Date Accounts Debit

Dec. 31 -

To adjust insurance expense


I-02.04

The company began the year with $40,000 of supplies inventory, purchased an
(f) additional $75,000 (which was recored as Supplies), and ended the year with
$25,000.

GENERAL JOURNAL  

Date Accounts Debit

Dec. 31 -

To adjust supplies inventory to reflect portion used

(g) #VALUE!

GENERAL JOURNAL  

Date Accounts Debit

Dec. 31 ### -

###
Top record accrued interest on loan
I-02.04

o record end-of-year adjusting

from the choices found in the


ect entry.

Credit

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I-02.04

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I-02.04

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