Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accum Deprec-Equipment Notes Receivable [2025] Accounts Pa

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Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accum Deprec Equipment Notes Receivable 2025 Accounts Pa 1 (71.01 KiB) Viewed 41 times

Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accum Deprec-Equipment Notes Receivable [2025] Accounts Payable Wages Payable Unearned Fees Common Stock, $1 Par Dividends Retained Earnings Fees Earned Depreciation Expense Wages Expense Utilities Expense TOTALS DEBIT 39,000 6,000 2,000 1,200 12,000 8,000 3,000 1,500 23,000 1,200 96,900 CREDIT 2,900 5,000 4,000 24,000 10,000 9,000 42,000 96,900 The following additional information is available at year end is provided for year end adjusting journal entries. 1. Supplies on hand at the end of the period [based on a physical count] is $500. 2. Insurance was purchased in advance on December 1st 2021 for 24 months of monthly premium. 3. Interest on the note receivable is 8%. The note receivable was received on January 1st, 2021. 4. The company owed $1,200 of wages at December 31st, 2021. 5. The unadjusted unearned fees at December 31, 2021 represents 18 months of revenues that was to be earned in equal amounts over the contract term. The contract was signed on October 1st, 2021.