Four Transactions Are Given Below That Were Completed During 20A

question 93

Essay

Four transactions are given below that were completed during 20A by Wren Company.The annual accounting period ends December 31.Each transaction requires an adjusting entry at December 31,20A.You are to provide the adjusting entries required for Wren Company.
A.On December 31,20A,Wren Company owed employees $1,750 for wages that were earned by them during December and were not recorded.
December 31,20A--Adjusting entry:
B.During 20A,Wren Company purchased office supplies that cost $500 which were placed in the supplies room for use as needed.The purchase was recorded as follows:
20A:
At the beginning of 20A,the inventory of unused office supplies was $75.At the end of 20A,a count showed unused office supplies in the supply room amounting to $100.
December 31,20A--Adjusting entry:
C.On December 1,20A,Wren Company rented some office space to another party.Wren collected $900 rent for the period December 1,20A,to March 1,20B.The rent collected was recorded as follows:
December 1,20A:
December 31,20A--Adjusting entry:
D.On June 1,20A,Wren Company borrowed $2,000 cash on a one-year,10% interest-bearing,note payable.The interest is payable on the due date,May 31,20B.The note was recorded as follows:

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Definitions:

Economic Results

The outcomes related to the financial performance and economic health of a business or economy, reflecting growth or challenges.

Profitability

Profitability is a financial metric indicating the degree to which a company or business activity yields profit, comparing revenue against expenses over a specific period.

Tier 2 Environmental Costs

The indirect costs associated with environmental impacts and resource use that are not directly tied to a company's operations, such as societal or external environmental costs.

Depreciation

A method of allocating the cost of a tangible asset over its useful life, reflecting the loss of value over time due to factors like age, wear and tear, or obsolescence.