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Atlas Company Store supplies, assignment help
Need help prepare the required adjusting entry for 4 questions
1. Atlas Company Store supplies account had a beginning balance of $780. Through out the year the company purchased $1500 in supplies. A physical of the supplies showed $525 of unused supplies available as of December 31, 2015. Prepare the required adjusting entry.
2. You have the following insurance policies
Purchase date Period Amount
Jan 1, 2013 4yrs $2400
Aug 1,2014 3yrs $3600
Sep 1,2015 2yrs $1920
The total premium for each policy was paid in full for all months at the purchase date, and the prepaid insurance were properly recorded in all prior years.
Prepare the adjusting journal entry for December 31, 2015
3. You sold tickets for 2 different concert series as summarized below
Sales Date Ticket sales (amount received) Number of concert series (when sold) Number of concert
April 1,2015 $4500,000 9 Series remaining at
Sep 1,2015 $3500,00 7 December 31,2015
2
4
When you sold the tickets it was recorded in Unearned Concert Revenue. Prepare the required adjusting entry at December 31,2015.
4. You made the following loans to two of your employees.
Name Loan Amount Loan Date Period Total interest on loan
John Q $1500 1 July 2015 15 months $90
Alex Z $2500 1 Oct 2015 12 months $120
Prepare the required adjusting entry for accrued interest on December 31,2015
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