Name:_________________
Course:________________
Date__________________
On Oct 1, Matt paid $75,000 for five months of rent. What is the adjusting entry on Dec 31?
Unearned Revenue 45,000
Revenue
45000
During May, consumers paid 6,000 for services. On Dec 31 they still owed 3500 of services.
What is the adjusting entry on Dec 31?
Unearned Revenue 2500
Revenue
2500
Unbalanced Supplies of 950 at the beginning of the month. 100 of supplies were purchased
during the month. The ending balance was equal to 150. What is the adjusting entry?
Supplies Expense
900
Supplies
900
On Feb 1. Ben borrows 10,000. Interest is 8% annual. What is the adjusting entry on Dec 31?
Interest Expense
733
Interest Payable
733
This year our company earned 200 in interest from a checking account. This has not yet been
recorded. What is the adjusting entry?
Interest Receivable 200
Interest Revenue
200
We had 4,000 of supplies on hand on Oct 1. Purchased 6300 since Oct 1 and the end of the count
showed amounts of 1200. What was supplies expense?
Supplies Expense is equal to 9100
Supplies Expense
9100
Supplies
9100
On September 1, the company paid for a three year insurance policy costings 27,000. The
unadjusted balance of insurance expense was 8,500. What is insurance expense on Dec 31?
Insurance Expense 3000
Prepaid Insurance
3000
Ben rents out an unused building for a year on Oct 1. The lease requires a 24,000 payment. What
is the adjusting entry on Dec 31?
Unearned Revenue 6000
Rent Revenue
6000
Employees work five days a week and are paid 75,000 bi-weekly. The last payday was Friday,
September 23. What is the adjusting entry needed at the end of September?
Wage Expense
37500
Wages Payable
37500
Bank Statement
Book Cash Account
End Balance
25,000
Balance
25,600
NSF
200
Deposit in Transit
900
Service Charge
25
Check Outstanding 200
Interest
250
Electronic Deposit
75
Reconciliation Amount=25700