Question

General Journal entry options:

• No Journal Entry Required
• Accounts Payable
• Accounts Receivable
• Accumulated Amortization
• Accumulated Depreciation
• Advertising Expense
• Amortization Expense
• Bad Debt Expense
• Buildings
• Cash
• Common Stock
• Copyrights
• Cost of Goods Sold
• Deferred Revenue
• Delivery Expense
• Depreciation Expense
• Dividends
• Dividends Payable
• Donation Revenue
• Equipment
• Franchise Rights
• Goodwill
• Income Tax Expense
• Income Tax Payable
• Insurance Expense
• Interest Expense
• Interest Payable
• Interest Receivable
• Interest Revenue
• Inventory
• Land
• Legal Expense
• Licensing Rights
• Logo and Trademarks
• Notes Payable (long-term)
• Notes Payable (short-term)
• Notes Receivable (long-term)
• Notes Receivable (short-term)
• Office Expenses
• Patents
• Prepaid Advertising
• Prepaid Insurance
• Prepaid Rent
• Rent Expense
• Rent Revenue
• Repairs and Maintenance Expense
• Retained Earnings
• Salaries and Wages Expense
• Salaries and Wages Payable
• Sales Revenue
• Service Revenue
• Short-term Investments
• Software
• Subscription Revenue
• Supplies
• Supplies Expense
• Travel Expense
• Utilities Expense
• Vehicles

The unadjusted trial balance of Sketch Star Makers Inc., prepared as of December 31, 2018, includes the following account balances All of the accounts listed have normal balances Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Notes Payable (long-term) DeferredRevenue Service Revenue Salaries and Wages Expense $ 14,00e 2,800 2,600 6,400 18,000 2,800 28,000 9,000 38,000 34,9e0 The following information is also available A) A count of supplies revealed $1,200 worth on hand at December 31, 2018 B) An insurance policy, purchased on January 1, 2018, covers four years C) The equipment depreciates at a rate of $1,800 per year; no depreciation has been recorded for 2018 D) One half (or 50%) of the amount recorded as Deferred Revenue remains deferred as of December 31, 2018 E) The accrued amount of salaries and wages at December 31, 2018 is $2,800 Required Prepare the required adjustments for the company as of December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 4 A count of supplies revealed $1,200 worth on hand at December 31, 2018 Record the adjusting entry Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal View transaction list Import a new list 1 A count of supplies revealed $1,200 worth on hand at December 31, 2018. Record the adjusting entry. 2 An insurance policy, purchased on January 1, 2018, covers four years. Record the adjusting entry. The equipment depreciates at a rate of $1,800 per year; no depreciation has been recorded for 2018. Record the adjusting entry. 3 One half (or 50%) of the amount recorded as Deferred Revenue remains deferred as of December 31, 2018. Record the adjusting entry. 4 The accrued amount of salaries and wages at December 31, 2018 is $2,800. Record the adjusting entry. 5 Note:-journal entry has been entered

Answer 1

Adjusting entries

No	Account and explanation	debit	credit
1	Supplies expense (2600-1200)	1400
	Supplies		1400
	(To record supplies used)
2	Insurance expense (6400/4)	1600
	Prepaid insurance		1600
	(To record insurance expense)
3	Depreciation expense	1800
	Accumulated depreciation-equipment		1800
	(To record dep)
4	Deferred revenue (9000/2)	4500
	Service revenue		4500
	(To record revenue)
5	Salaries and wages expense	2800
	Salaries and wages payable		2800
	(To record accrued salaries)