Question

a. Unrecorded depreciation on equipment is $800. b. The Supplies account has a balance of $3,100. Supplies on hand at the end of the period totaled $1,200. c. On the date for preparing financial statements, an estimated utilities expense of $425 has been incurred, but no utility bill has been received. d. On the first day of the current month, rent for four months was paid and recorded as a $2,800 debit to Prepaid Rent and a $2,800 credit to Cash. Monthly statements are now being prepared. e. Nine months ago, Solid Insurance Company sold a one-year policy to a customer and recorded the receipt of the premium by debiting Cash for $800 and crediting Unearned Premium Revenue $800. No adjusting entries have been prepared during the nine-month period. Annual financial statements are now being prepared. f. At the end of the accounting period, employee wages of $1,050 have been incurred but not paid. g. At the end of the accounting period, $411 of interest has been earned but not yet received on notes receivable that are held. Description Debit Credit 0 $ 0 To record depreciation expense. To record supplies expense. To record accrued utilities expense. To record rent expense for the month. To record premium revenue earned. To record accrued wages at the end of the period. To accrue interest earned but not yet received.

Answer 1

	Description	Debit	Credit
a.	Depreciation expense	$800
	Accumulated depreciation - equipment		$800
	( To record depreciation expense)
b.	Supplies expense	$1,900
	Supplies		$1,900
	( To record supplies expense)
c.	Utilities expense	$425
	Utilities payable		$425
	( To record accrued utilities expense)
d.	Rent expense	$700
	Prepaid rent		$700
	( To record rent expense for the month)
e.	Unearned premium revenue	$800
	Premium revenue		$800
	( To record premium revenue earned)
f.	Wages expense	$1,050
	Wages payable		$1,050
	( To record accrued wages at the end of the period)
g.	Interest receivable	$411
	Interest revenue		$411
	( To record accrued interest earned but not yet received)

Supplies expense = Supplies beginning - Supplies ending

= 3,100-1,200

= $1,900

Rent for 4 months = $2,800

Monthly rent expense = 2,800 x 1/4

= $700

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