Four Transactions Are Given Below That Were Completed During 20A

question 94

Essay

Four transactions are given below that were completed during 20A by Lucky Company. The annual accounting period ends December 31. Each transaction will require an adjusting entry at December 31, 20A. Provide the adjusting entry required.
A. On January 1, 20A, Lucky Company purchased office equipment that cost $8,000. The estimated life of the office equipment was five years ($500 residual value).
December 31, 20A--Adjusting entry:
B. On June 1, 20A, Lucky Company paid $12,600 for one year's rent beginning on that date. The rent
payment was recorded as follows:
June 1, 20A:
December 31, 20A--Adjusting entry:
C. Lucky Company purchased office supplies during the year that cost $700 and placed the supplies in a storeroom for use as needed. The purchase was recorded as follows:
February 1, 20A:
At the end of 20A, a count showed unused office supplies of $200 in the storeroom. There was no beginning inventory of supplies on hand.
December 31, 20A--Adjusting entry:
D. On December 31, 20A, Lucky Company owed employees $3,000 for wages earned during December. These wages had not been paid nor recorded.
December 31, 20A--Adjusting entry:

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Definitions:

Wing

A limb adapted for flight found in birds, bats, insects, and some other organisms, facilitating movement through the air.

Butterfly

An insect belonging to the order Lepidoptera, known for their colorful wings and the role as pollinators in ecosystems.

Amphibian

A class of cold-blooded vertebrates that can live both in water and on land, including frogs, toads, salamanders, and newts.

Mammal

Warm-blooded vertebrates characterized by the presence of mammary glands which in females produce milk for feeding their young.