Analysis of Adjusting Entry for Supplies: Analyze each situation and indicate the correct dollar amount for the adjusting entry. (Trial balance is abbreviated as TB.) 1. Ending inventory of supplies is $239.
(Balance Sheet) (Income Statement)
Supplies Supplies Expense
TB 599
Bal.___
2. Amount of supplies used is $235.
(Balance Sheet) (Income Statement)
Supplies Supplies Expense
TB 470
Bal.___
ANALYSIS OF ADJUSTING ENTRY FOR INSURANCE: Analyze each situation and indicate the correct dollar amount for the adjusting entry
1. Amount of insurance expired is $970.
(Balance Sheet) (Income Statement)
Prepaid Insurance Insurance Expense
TB 1,450
2. Amount of unexpired insurance is $565.
(Balance Sheet) (Income Statement)
Prepaid Insurance Insurance Expense
TB 1,350
POSTING ADJUSTING ENTRIES: Two adjusting entries are in the following general journal. Post these adjusting entries to the four general ledger accounts. The following account numbers were taken from the chart of accounts: 141, Supplies; 219, Wages Payable 511, Payable; 511, working pan Wages Expense; and S23, Supplies Expense. If you are nor using the he entrs: Supolt accompany this text, enter the following balances before posting s that es: Supplies, $200 Dr ies, $200 Dr; Wages Expense, $1,200 Dr.

Question Completion:

POSTING ADJUSTING ENTRIES Two adjusting entries are in the following general journal. Post these adjusting entries to the four general ledger accounts. The following account numbers were taken from the chart of accounts: 141, Supplies; 219, Wages Payable 511, Wages Expense; and 523, Supplies Expense. If you are not using the working papers that accompany this text, enter the following balances before posting the entries: Supplies, $200 Dr; Wages Expense, $1,200 Dr

1. Ending inventory of supplies is $239.

(Balance Sheet)       (Income Statement)

Supplies $239         Supplies Expense $360 ($599 - $239)

TB 599

Bal.___ $239

2. Amount of supplies used is $235.

(Balance Sheet)       (Income Statement)

Supplies $235         Supplies Expense $235

TB 470

Bal.___$235

ANALYSIS OF ADJUSTING ENTRY FOR INSURANCE: Analyze each situation and indicate the correct dollar amount for the adjusting entry

1. Amount of insurance expired is $970.

(Balance Sheet)                  (Income Statement)

Prepaid Insurance $480     Insurance Expense $970

              ($1,450 - $970)

TB 1,450

2. Amount of unexpired insurance is $565.

(Balance Sheet)                  (Income Statement)

Prepaid Insurance $565    Insurance Expense $785 ($1,350 - $785)

TB 1,350

141, Supplies

Account Titles                 Debit     Credit

523, Supplies Expense                $200

219, Wages Payable

Account Titles             Debit     Credit

511, Wages Expense              $1,200

511, Wages Expense

Account Titles             Debit     Credit

219, Wages Payable $1,200

523, Supplies Expense

Account Titles             Debit     Credit

141, Supplies               $200

Explanation:

a) Required chart of accounts:

141, Supplies

219, Wages Payable

511, Wages Expense

523, Supplies Expense

Adjusting entries:

Supplies, $200 Dr; Wages Expense, $1,200 Dr