Journalize the Adjusting Entries Needed on December 31,2019 for Kaimann

question 53

Essay

Journalize the adjusting entries needed on December 31,2019 for Kaimann Industries using the following data.Explanations are not required.
A.The balance in the Supplies account before adjustment is $5,000.A physical count reveals $2,750 of supplies on hand at December 31.
B.A computer was purchased on January 1,2019 for $15,000.The computer has a useful life of 3 years and is depreciated using the straight-line method.The computer has no residual value.
C.A one-year insurance policy costing $6,000 was purchased on November 1,2019.The insurance begins on November 1.
D.Employee salaries are owed for 4 days of a regular 5-day work week.Weekly payroll is $15,000.
E.Unearned Maintenance Revenue has a balance of $22,000 before adjustment.Records show that $14,000 of that amount has been earned by December 31.

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Definitions:

Premises

Statements or propositions from which conclusions are drawn in logical arguments, serving as the basis for reasoning.

Dependent

Relying on or requiring the support of something else for its existence, validity, or significance.

Social

Relating to society or its organization, focusing on the interactions and relationships between individuals within a community.

Diagramming Method

The diagramming method involves visually representing ideas, concepts, or processes using diagrams to facilitate understanding or analysis.