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16 February, 17:42

At the end of May, the following adjustment data were assembled:A. Insurance expired during May is $275B. Supplies on hand on May 31 are $715C. Depreciation of office equipment for May is $330D. Accrued receptionist salary on May 31 is $325E. Rent expired during May is $1,600F. Unearned fees on May 31 are $3,210Required:Journalize the adjusting entries.

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  1. 16 February, 20:03
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    Answer and Explanation:

    The journal entries are shown below:

    a. Insurance expense $275

    To Prepaid insurance $275

    (Being the insurance expense is recorded)

    b. Supplies expense $785 ($1,500 - $715)

    To Supplies $785

    (Being the supplies expense is recorded)

    We assume the balance of supplies before adjustment is $1,500

    c. Depreciation - office equipment $330

    To Accumulated depreciation $330

    (Being the depreciation expense is recorded)

    d. Salary Dr $325

    To Accrued salary $325

    (Being the accrued salary is recorded)

    e. Rent expense $1,600

    To Prepaid rent $1,600

    (Being the rent expense is recorded)

    f. Unearned fees $790

    To Fees revenue $790

    (Being the unearned fees is recorded)

    We assume the balance of unearned fees before adjustment is $4,000

    So, $790 is come from

    = $4,000 - $3,210

    = $790
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