Examples of Journalizing and the Posting of Adjustments
Not what you're looking for?
Dakota Company must make three adjusng entries on December 31, 2007.
a. Supplies used, $2,500; (supplies totaling $4,000 were purchased on December 1, 2007, and debited to the supplies account).
b. Expird insurance, $1,800 on December 1, 2007; the fir paid $10,800 for six months' insurance coveage in advance and debited Prepaid Insurance fr this amount.
c. Depreciation expense for equipment $1,200.
Make the journal entries for these adjustments and post the entries to the general ledger accounts. Use page 3 of the general journal for the adjusting entries. Use the following accous and numbers.
Supplies 121
Prepaid Insurance 131
Accum. Depr.---Equip. 142
Depreciation Exp.---Equip. 517
Insurance Expense 521
Supplies Expense 523.
Purchase this Solution
Solution Summary
The solution provides a formatted MS Excel spreadsheet contains examples of journalizing entries and the posting of subsequent adjustments.
Solution Preview
See the attached file.
For your convenience, I have attached a formatted MS Excel spreadsheet containing the information below. Feel free to contact me in the future in the event that additional assistance is required.
Dakota Company must make three adjusting entries on December 31, 2007.
a. Supplies used, $2,500; (supplies totaling $4,000 were purchased on December 1, 2007, and debited to the supplies account).
b. Expired insurance, $1,800 on December 1, 2007; the fir paid $10,800 for six months' insurance coverage in advance and debited Prepaid Insurance for this amount.
c. Depreciation expense for equipment $1,200.
Make the journal entries for these adjustments and post the entries to the general ledger accounts.
Use page 3 of the general journal for the adjusting entries. Use the following ...
Purchase this Solution
Free BrainMass Quizzes
Change and Resistance within Organizations
This quiz intended to help students understand change and resistance in organizations
Learning Lean
This quiz will help you understand the basic concepts of Lean.
Income Streams
In our ever changing world, developing secondary income streams is becoming more important. This quiz provides a brief overview of income sources.
Business Processes
This quiz is intended to help business students better understand business processes, including those related to manufacturing and marketing. The questions focus on terms used to describe business processes and marketing activities.
Transformational Leadership
This quiz covers the topic of transformational leadership. Specifically, this quiz covers the theories proposed by James MacGregor Burns and Bernard Bass. Students familiar with transformational leadership should easily be able to answer the questions detailed below.