# Answered Essay: P3-4A A review of the ledger of Carmel Company at December following data pertaining to the preparation of annual adjusting entries.

P3-4A A review of the ledger of Carmel Company at December following data pertaining to the preparation of annual adjusting entries. 31, 2015, produces the 890 1. Prepaid Insurance \$10,440. The company has separate insurance policies on its build. ings and its motor vehicles. Policy B4564 on the building was purchased on April 1, 2014, for \$7,920. The policy has a term of 3 years. Policy A2958 on the vehicles was purchased on January 1, 2015, for \$4,500. This policy has a term of 2 years. 2. Unearned Rent Revenue \$429,000. The company began subleasing office space in its new building on November 1. At December 31, the company had the following rental contracts that are paid in full for the entire term of the lease.

 No. Date Accounts title Debit Credit 1 31Dec Insurance expense \$4890 To Prepaid insurance \$4890 For Building [(\$7920 / 3years * 1 year) + For Vehicle (\$4500 / 2years * 1 year)]   = 2640 + 2250 = \$4890 2 31Dec Unearned rent revenue \$84000 To rent revenue \$84000 From 1 Nov to 31 Dec =2months * \$5000 * 5 leases = \$50000 From 1 Dec to 31 Dec =1month * \$8500 * 4 leases =34000 3 31Dec Interest expense \$1800 To interest payable \$1800 [Interest per month = \$120000 * 9% / 12 = \$900 per month] Interest from 1 Nov to 31 Dec = \$900 * 2 = \$1800 4 31 Dec Salary and wages expense \$2000 To Salary and wages payable \$2000 [5 employees * \$700 * 2 / 5 working days] =\$1400 [3 employees * \$500 * 2 / 5 working days] = \$600
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