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accounting question - adjusting entries?
I have already done these I just want to make sure I did them right (assignment worth big points) What gets debited & credited - thanks!
4. At the end of May, the following adjustment data were assembled.
a. Insurance expired during May is $300.
b. Supplies on hand on May 31 are $950.
c. Depreciation of office equipment for May is $330.
d. Accrued receptionist salary on May 31 is $260
e. Unearned fees on May 31 are $1,300
f. Rent expired during May is $1,600
Thanks for any help, you can email me if necessary with answers.
jennifermlayne@yahoo.com
3 Answers
- SandyLv 71 decade agoFavorite Answer
You left out some important parts of the question.
4. At the end of May, the following adjustment data were assembled.
a. Insurance expired during May is $300
Dr Insurance expense $300
Cr Prepaid insurance $300
b. Supplies on hand on May 31 are $950
You didn't say what was the supplies balance before the adjustment. Let's say it was $1,500. Your adjustment shd be for the difference.
Dr Supplies expense $550
Cr Supplies $550
c. Depreciation of office equipment for May is $330
Dr Depreciation - office equipment $330
Cr Accumulated depn $330
d. Accrued receptionist salary on May 31 is $260
Dr Salary $260
Cr Accrued salary $260
e. Unearned fees on May 31 are $1,300
You didn't say what was the unearned fees balance before the adjustment. Let's say it was $2,000
Dr Unearned fees $700
Cr Fees revenue $700
f. Rent expired during May is $1,600
Dr Rent expense $1,600
Cr Prepaid rent $1,600
