On March 31, the following data were accumulated to assist the accountant in preparing the adjusting entries for Potomac Realty:
• The supplies account balance on March 31 is $5,620, the supplies on hand on March 31 are $1,290.

Question

11-09-2022
Business

Answered

On March 31, the following data were accumulated to assist the accountant in preparing the adjusting entries for Potomac Realty:
• The supplies account balance on March 31 is $5,620, the supplies on hand on March 31 are $1,290.

Answer :

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abiolataiwo2015 abiolataiwo2015 · Answer 1 · 2022-09-13T15:27:08-04:00

The appropriate journal entries to record the transaction is: Debit Supplies expense $4,330, Credit Supplies $4,330.

Journal entries

a. Debit Supplies expense $4,330

($5,620- $1,290)

Credit Supplies $4,330

b. Debit Unearned rent $1,250

($5,000/4 months)

Credit Rent earned $1,250

c. Debit Wages expense $2,290

Credit Wages payable $2,290

d. Debit Accounts receivable $16,825

Credit Fees earned $16,825

e. Debit Depreciation expense-Office equipment $4,600

Credit Accumulated depreciation-Office equipment $4,600

Therefore the appropriate journal entries to record the transaction is: Debit Supplies expense $4,330, Credit Supplies $4,330.

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The complete question is:

On March 31, the following data were accumulated to assist the accountant in preparing the adjusting entries for Potomac Realty:

a. The supplies account balance on March 31 is $5,620, the supplies on hand on March 31 are $1,290.

b. The unearned rent account balance on March 31 is $5,000 representing the receipt of an advance payment on March 1 of four months’ rent from tenants.

c. Wages accrued but not paid at March 31 are $2,290

d. Fees accrued but unbilled at March 31 are $16,825.

e. Depreciation of office equipment is $4,600.

Required:

Journalize the adjusting entries required on March 31.

On March 31, the following data were accumulated to assist the accountant in preparing the adjusting entries for Potomac Realty: • The supplies account balance on March 31 is $5,620, the supplies on hand on March 31 are $1,290.

Answer :

Journal entries

Other Questions

On March 31, the following data were accumulated to assist the accountant in preparing the adjusting entries for Potomac Realty:
• The supplies account balance on March 31 is $5,620, the supplies on hand on March 31 are $1,290.