Excel_Student_02-27 KATHYHAINES

Excel_Student_02-27 KATHYHAINES - 5,025 Insurance Expense...

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02-27 Name: Enter the appropriate numbers for supporting calculations in the blue-shaded cells in columns E, H, K, and M . To enter the journal entries, select the appropriate account titles in the blue-shaded cells from the drop-down lists in columns C and D, and enter the appropriate amounts in the blue-shaded cells in columns M and O. The word “Wrong” will appear to the left of incorrect entries. (a) Supporting calculations: Policy Policy Cost x Months / Total months A $5,400 x 21 / 24 $4,725 B $2,700 x 2 / 6 900 C $18,000 x 27 / 36 13,500 Prepaid amount $19,125 Account balance 14,100 Adjustment $5,025 Journal entry: Debit Credit Prepaid Insurance
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Unformatted text preview: 5,025 Insurance Expense 5,025 (b) Supporting calculations: Month Collected x Months / Total months Jul. $27,000 x 3 / 12 $6,750 Oct. $22,200 x 6 / 12 11,100 Jan. $28,800 x 9 / 12 21,600 Apr. $20,700 x 12 / 12 20,700 Unearned amount $60,150 Account balance 56,250 Adjustment $3,900 Journal entry: Debit Credit Subscription Revenue 3,900 Unearned Subscription Revenue 3,900 (c) Journal entry: Debit Credit Interest Payable 450 Interest Expense 450 (d) Journal entry: Debit Credit Supplies Expense 780 Supplies 780 (e) Journal entry: Debit Credit Salaries Payable 5,250 Salaries Expense 5,250...
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Excel_Student_02-27 KATHYHAINES - 5,025 Insurance Expense...

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