# ) The balance in Prepaid insur

1. The adjusting entry for Prepaid Insurance

December 31, 2019   Dr. Insurance Expense A/C

Cr. Prepaid Insurance A/C

(To record the insurance expenses from Dec. 1st to Dec. 31st,2019)

Note: As the amount of policy is not given in the question, tocalculate the amount of prepaid insurance, divide the policy amountby 24 as the policy is for 24 months and only one month hasexpired

2. The adjusting entry for supplies consumed during the year

December 31, 2019   Dr. Supplies Expense A/C

Cr. Supplies A/C

(To record the amount of supplies consumed duringthe period)

Note: The amount of supplies on hand total \$3,600 and hence thebalance in Supplies A/C will need to be reduced to 3600. Deduct3600 from the balance in Supplies A/C and the resulting amount willbe the amount of this adjusting entry

3. The adjusting entry for Depreciation Of Equipment:

December 31, 2019 Dr. Depreciation Expense A/C

Cr. Accumulated Depreciation A/C

(To record the depreciation onequipment for December 31st, 2019)

Note: The method of depreciation given in the question appearsto be by Straight Line. To calcutae the monthly depreciation, usethe formula:

(Cost of equipment – 11000) / 5

The resulting figure will be annual depreciation. Divide annualdepreciation by 12 to get monthly depreciation.

4. The adjusting entry for unearned consulting revenue:

December 31, 2019 Dr. Unearned Consulting Revenue A/C 1000

Cr. Consulting Revenue A/C1000

(To record consultingrevenue received in advance recognizedas earned from Dec. 27 to Dec. 31st)

Note: There are 5 days from Dec. 27to Dec. 31st and the contract is for 60 days. Hence, theconsulting revenue recognizedas earned is calculated as = (\$12000/60) * 5 = \$1000

5. The adjusting entry for unpaid salary

December 31, 2019 Dr. Salaries Expense A/C 510

Cr. Unpaid Salaries A/C 510

(To record the unpaid salary @ \$170 for3 days)

Note: The employee was lastpaid on Friday, December 26th. Dec. 27and 28 were weekend days. Hence, the adjusting entry forunpaid salary will be recorded for 3days from Dec. 29 to Dec. 31st

6. The adjusting entry for consulting revenue earned :

December 31, 2019    Dr. Accounts Receivale A/C3400

Cr. Consulting Revenue A/C3400

(To record consultingrevenue earned from Dec. 12 to Dec.31st)

Note: There are 20 days from Dec.12 to Dec. 31st and the contract is for 30 days. Hence, theconsulting revenue will be recognized as earned is calculated as = (5100 /30) * 20 = \$3400

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