Question

it said determine the amount of the adjustment given the trial balance ( prepare before any adjusting entire bare made) and facts below

Instructions: Determine the amount of the adjustment given the trial balance (prepared BEFORE any adjusting entries are made) and facts below Supplies 2,400 18,000 Equipment Accumulated Depreciation-Equipment Accounts Payable Notes Payable Interest Payable 12,000 Unearned Service Revenue Wages Payable Owner's Capital Owner's Drawing Service Revenue Supplies Expense Insurance Expense 8800 4,000 19,000 200 Depreciation Expense Interest Expense Wages Expense 6,500 50,950 50,950 Adjustment for Supplies On December 31, 2017 a physical count of supplies inventory reveals $1,200 on hand. Amount of the adjustment for supplies used: Adjustment for Preapaid Insurance one-year insurance policy was purchased on September 1, 2017 for $2,400. Amount of the adjustment for insurance used Adjustment for Depreciation Equipment was purchased on January 1, 2016 for $18,000. it has a useful life of 5 years and salvags value of $3,000. Cooperative Company uses the straight line method for depreciation calculation. Amount of the adjustment for depreciation Adjustment for Unearned Revenues On October 1, 2017, Cooperative Company received $12,000 from a client for 4 months of service from October 1, 2017 through January 31, 2018. Amount of the adjustment for income earned Adjustment for Accrued Interest Cooperative Company signed a 2-year, $4,000 note payable on July 1, 2017 at 10% interest. Amount of the adjustment for interest accrued Adjustment for Accrued Wages Cooperative Company pays employes every two weeks. The next payday is January 6, 2 December 31, 2017, employees have earned $2,400 in wages. 018. On Amount of the adjustment for wages accrued instructions: Prepare the adjusting entries for each item below. The date Select the account names from the drop- down list. stment on equipment for the year is $3,000. General Journal fpartial Description Debit Adjustment for accrued interest Johnson Company borrowed $4,000 by signing a 10%, 3-year note payable on 2 January 1, 2017 General Journal (partial) Debit Adjustment for prepaid insurance Johnson Company purchased a one-year insurance policy on October 1, 2017 for 3 $3,600, General Journal (partial) Description Debit Credit Adjustment for accrued wages Johnson Company pays its employees on the 5th of every month for previous month's pay period, 16th-end of month. On December 31, 2017, employees had 4 earned total wages of $4,500 that will be paid on January 5, 2018. General Journal (partial) Description Debit Credit On December 17th, Johnson Company performs services on account for Smith 5 Company in the amount of $10,000. General Journal (partial) Description Debit Credit Adjustment for unearned revenues Johnson Company received a payment of $9,000 on November 1, 2017 for services to be provided November 1, 2017 through January 31, 2018. (Assume the journal entry on November 1, 2017 was a debit to Cash for $9,000 and a credit to Unearned Income for $9,000) General Journal (partial) Debit Credit Description Instructions: Prepare the Adjusted Trial Balance using the account balances below. Next, prepare the income statement, statement of owner's equity and the balance sheet using the adjusted trial balance below: Debit Credit Accounts Payable Accounts Receivable Accumulated Depreciation Equipment Cash Depreciation Expense Equipment Insurance Expense Interest Expense Interest Payable Notes Payable Owner's Capital Owner's Drawing Prepaid Insurance Service Revenue Supplies Supplies Expense 3,700 1,500 6,000 13,000 1500 25,000 650 400 450 4,000 10,700 5,000 600 19,000 1,700 700 12,000 Unearned Service Revenue Wages Expense 6,700 900 Wages Payable Jamestown Consulting Adjusted Trial Balance December 31, 2017 Debit Credit Jamestown Consulting Income Statement For period ending December 31, 2017 Jamestown Consulting Statement of Owner's Equity For period ending December 31, 2017 Change in Equity (+/-) Jamestown Consulting Balance Sheet December 31, 2017

Answer 1

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Question 1
Adjustment of Supplies	$3,000-$1,200		$    1,800
Adjustment of Prepaid insurance	$2,400/12*4		$       800
Adjustment for Depreciation	($18,000-$3,000)/5		$    3,000
Adjustment for Unearned Revenue	$12,000/4*3		$    9,000
Adjustment for Accrued Interest	$4,000*10%*6/12		$       200
Adjustment for Accrued Wages			$    2,400