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Journal - Adjusting Entries

1. Prepare the adjusting entry that would be made on December 31, 2009, the end of the year for the following: (Be sure and indicate what accounts you are debiting and crediting in your answer).
The company borrowed $20,000 on a 9% note on September 30, 2009.

2. Prepare the adjusting entry that would be made on December 31, 2009, the end of the year for the following: (Be sure and indicate what accounts you are debiting and crediting in your answer).

The employees of Neat Clothes work Monday through Friday. Every other Friday the company issues payroll checks totaling $32,000. The current pay period ends on Friday, Jan 3. What is the adjusting entry to record accrued salaries at the end of December?

4. Prepare the adjusting entry that would be made on December 31, 2009, the end of the year for the following: (Be sure and indicate what accounts you are debiting and crediting in your answer).
The supplies inventory on January 1, 2009 was $9,350. Supplies costing $18,150 were acquired during the year and charged to the supplies asset account. A count on December 31, 2009 indicated the supplies on hand of $6,810. Be sure and indicate what accounts you are debiting and crediting in your answer.

5. Prepare the adjusting entry that would be made on December 31, 2009, the end of the year for the following: (Be sure and indicate what accounts you are debiting and crediting in your answer).
Amber Company purchased an annual insurance policy on June 1, 2009 for $12,000 and debited insurance expense account.

Solution Preview

4 simple journal accounting entry
1. Prepare the adjusting entry that would be made on December 31, 2009, the end of the year for the following: (Be sure and indicate what accounts you are debiting and crediting in your answer).
The company borrowed $20,000 on a 9% note on September 30, 2009.

Dec. 31 Interest Expense 450
Interest Payable 450
(20,000 x 9% x 3/12 = 450)

2.Prepare the adjusting entry that would be made on December 31, 2009, the end of the year for the ...

Solution Summary

This solution is comprised of a detailed explanation to prepare journal accounting entry.

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