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Grant's Graphics has a December 31 year end. Grant's Graphics records adjusting entries on an annual basis.
Prepare the adjusting journal entries based on the following information. (Credit account titles are automatically indented when amount
is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts)
1.
At the end of the year, the unadjusted balance in the Prepaid Insurance account was $3,190. Based on an analysis of the
insurance policies, $2,750 had expired by year end.
2.
At the end of the year, the unadjusted balance in the Unearned Revenue account was $1,890. During the last week of
December, $530 of the related services were performed.
3.
On July 1, 2021, Grant signed a note payable for $9,500. The loan agreement stated that interest was 4%.
4.
Depreciation for the computer and printing equipment was $2,120 for the year.
5.
At the beginning of the year, Grant's had $760 of supplies on hand. During the year, $1,520 of supplies were purchased. A
count at the end of the year indicated that $800 of supplies was left on December 31.
6.
Between December 28 and December 31 inclusive, three employees worked eight-hour shifts at $13.25 per hour. The
employees will be paid for this time worked on January 10.
7.
On December 31, it was determined that $5,300 of services had been provided but the bookkeeper did not record it
No. Account Titles and Explanation
Debit
Credit
1.
2
