Answered Essay: Please help, what are the correct adjusted journal entries for problem E3-5?

Please help, what are the correct adjusted journal entries for problem E3-5?

iPad令 K Back Accounting Principles.pdf Undo Prepare adjessring entries from selected data. (LO 2, 3) E3-5 Devin Wolf Company has the following balances in selected accounts on December 31, 2017 7,000 157 2,100 Salaries and Wages Payable All the accounts have normal balances. The information below has been gathered at December 31, 2017 I, Devin Wolf Company borrowed $10,000 by signing a 9%-one-year note on September 1, 2017 Exercises 1 2. A count of supplies on December 31, 2017, indicates that supplies of $900 are on hand. 3. Depreciation on the equipment for 2017 is $1,000. 4. Devin Wolf Company paid $2,100 for 12 months of insurance coverage on June 1, 2017 5. On December 1, 2017, Devin Wolf collected $32,000 for consulting services to be per formed from December 1, 2017, through March 31, 2018. 6. Devin Wolf performed consulting services for a client in December 2017. The client will be billed $4,200. 7. Devin Wolf Company pays its employees total salaries of $9,000 every Monday for the preceding 5-day week (Monday through Friday). On Monday, December 29, employees were paid for the week ending December 26. All employees worked the last 3 days of 2017 Prepare adjusting entries for the seven items described above. 6 Zaragoza Company accumulates the following adjustment data at December 31 1. Services performed but not recorded total $1,000. 2. Supplies of $300 have been used. 3. Utility expenses of $225 are unpaid. 4. Services related to unearned service revenue of $260 were performed. Idenrify types of adjustments and account relationships (LO 2, 3, 4) For each of the above items indicate the following. (a) The type of adjustment (prepaid expense, unearned revenue, accrued revenue, or (b) The status of accounts before adjustment (overstatement or understatement).

iPad令 K Back Accounting Principles.pdf Undo Prepare adjessring entries from selected data. (LO 2, 3) E3-5 Devin Wolf Company has the following balances in selected accounts on December 31, 2017 7,000 157 2,100 Salaries and Wages Payable All the accounts have normal balances. The information below has been gathered at December 31, 2017 I, Devin Wolf Company borrowed $10,000 by signing a 9%-one-year note on September 1, 2017 Exercises 1 2. A count of supplies on December 31, 2017, indicates that supplies of $900 are on hand. 3. Depreciation on the equipment for 2017 is $1,000. 4. Devin Wolf Company paid $2,100 for 12 months of insurance coverage on June 1, 2017 5. On December 1, 2017, Devin Wolf collected $32,000 for consulting services to be per formed from December 1, 2017, through March 31, 2018. 6. Devin Wolf performed consulting services for a client in December 2017. The client will be billed $4,200. 7. Devin Wolf Company pays its employees total salaries of $9,000 every Monday for the preceding 5-day week (Monday through Friday). On Monday, December 29, employees were paid for the week ending December 26. All employees worked the last 3 days of 2017 Prepare adjusting entries for the seven items described above. 6 Zaragoza Company accumulates the following adjustment data at December 31 1. Services performed but not recorded total $1,000. 2. Supplies of $300 have been used. 3. Utility expenses of $225 are unpaid. 4. Services related to unearned service revenue of $260 were performed. Idenrify types of adjustments and account relationships (LO 2, 3, 4) For each of the above items indicate the following. (a) The type of adjustment (prepaid expense, unearned revenue, accrued revenue, or (b) The status of accounts before adjustment (overstatement or understatement).

Expert Answer

Please find below the answer and please give thumbs up
Statementshowing Computations
Paticulars Dr CR
Interest Expense Dr                      300.00
To interest payable                   300.00
(10000*9%*4/12)
Supplies Expense DR                  1,550.00
To Supplies                1,550.00
(2450 – 900)
Depreciation Expense Dr                  1,000.00
To Accumulated depreciation                1,000.00
Insurance expense Dr                  1,225.00
To prepaid insurance                1,225.00
(2100/12*7)
Unearned service revenue                  8,000.00
To Service revenue                8,000.00
(32000/4)
Accounts receivable Dr                  4,200.00
To Service revenue                4,200.00
Salaries expense dr                  5,400.00
To Salaries payable                5,400.00
(9000/5*3)
Buy Essay
Calculate your paper price
Pages (550 words)
Approximate price: -

Help Me Write My Essay - Reasons:

Best Online Essay Writing Service

We strive to give our customers the best online essay writing experience. We Make sure essays are submitted on time and all the instructions are followed.

Our Writers are Experienced and Professional

Our essay writing service is founded on professional writers who are on stand by to help you any time.

Free Revision Fo all Essays

Sometimes you may require our writers to add on a point to make your essay as customised as possible, we will give you unlimited times to do this. And we will do it for free.

Timely Essay(s)

We understand the frustrations that comes with late essays and our writers are extra careful to not violate this term. Our support team is always engauging our writers to help you have your essay ahead of time.

Customised Essays &100% Confidential

Our Online writing Service has zero torelance for plagiarised papers. We have plagiarism checking tool that generate plagiarism reports just to make sure you are satisfied.

24/7 Customer Support

Our agents are ready to help you around the clock. Please feel free to reach out and enquire about anything.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

HOW OUR ONLINE ESSAY WRITING SERVICE WORKS

Let us write that nagging essay.

STEP 1

Submit Your Essay/Homework Instructions

By clicking on the "PLACE ORDER" button, tell us your requires. Be precise for an accurate customised essay. You may also upload any reading materials where applicable.

STEP 2

Pick A & Writer

Our ordering form will provide you with a list of writers and their feedbacks. At step 2, its time select a writer. Our online agents are on stand by to help you just in case.

STEP 3

Editing (OUR PART)

At this stage, our editor will go through your essay and make sure your writer did meet all the instructions.

STEP 4

Receive your Paper

After Editing, your paper will be sent to you via email.

× How can I help you?