Wages of $12,000 are earned by workers but not paid as of December 31, 2017.

1.

1. Wages of $12,000 are earned by workers but not paid as of December 31, 2017.
2. Depreciation on the company's equipment for 2017 is $11,680.
3. The Office Supplies account had a $350 debit balance on December 31, 2016. During 2017, $4,676 of office supplies are purchased. A physical count of supplies at December 31, 2017, shows $518 of supplies available.
4. The Prepaid Insurance account had a $5,000 balance on December 31, 2016. An analysis of insurance policies shows that $2,200 of unexpired insurance benefits remain at December 31, 2017.
5. The company has earned (but not recorded) $850 of interest from investments in CDs for the year ended December 31, 2017. The interest revenue will be received on January 10, 2018.
6. The company has a bank loan and has incurred (but not recorded) interest expense of $4,500 for the year ended December 31, 2017. The company must pay the interest on January 2, 2018.

For each of the above separate cases, prepare adjusting entries required of financial statements for the year ended (date of) December 31, 2017. 

No	Transaction	General Journal	Debit	Credit
1	a.	Wages expenseselected answer correct	12,000selected answer correct	not attempted
		Wages payableselected answer correct	not attempted	12,000selected answer correct
2	b.	Depreciation expense—Equipmentselected answer correct	11,680selected answer correct	not attempted
		Accumulated depreciation—Equipmentselected answer correct	not attempted	11,680selected answer correct
3	c.	Supplies expenseselected answer correct	4,508selected answer correct	not attempted
		Suppliesselected answer correct	not attempted	4,508selected answer correct
4	d.	Insurance expenseselected answer correct	2,800selected answer correct	not attempted
		Prepaid insuranceselected answer correct	not attempted	2,800selected answer correct
5	e.	Interest receivableselected answer correct	850selected answer correct	not attempted
		Interest revenueselected answer correct	not attempted	850selected answer correct
6	f.	Interest expenseselected answer correct	4,500selected answer correct	not attempted
		Interest payableselected answer correct	not attempted	4,500selected answer correct

c=350+4676-518
d=5000-2200

On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $88,000 in cash along with equipment having a $48,000 value

1.

Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account.

----------------------------------------------------------------------------------- 2. Identify the normal balance (debit or credit) for each of the following accounts. ----------------------------------------------------------------------------------- 3. For each transaction, (1) analyze the transaction using the accounting equation, (2) record the transaction in journal entry form, and (3) post the entry using T-accounts to represent ledger accounts. Use the following (partial) chart of accounts—account numbers in parentheses: Cash (101); Accounts Receivable (106); Office Supplies (124); Trucks (153); Equipment (167); Accounts Payable (201); Unearned Landscaping Revenue (236); Common Stock (307); Dividends (319); Landscaping Revenue (403); Wages Expense (601), and Landscaping Expense (696). On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $88,000 in cash along with equipment having a $48,000 value in exchange for common stock. On May 21, Elegant Lawns purchases office supplies on credit for $640. On May 25, Elegant Lawns receives $9,600 cash for performing landscaping services. On May 30, Elegant Lawns receives $2,800 cash in advance of providing landscaping services to a customer. ----------------------------------------------------------------------------------- 4. Determine the ending balance of each of the following T-accounts. ----------------------------------------------------------------------------------- 5. Indicate the financial statement on which each of the following items appears. Use I for income statement, E for statement of retained earnings, and B for balance sheet.

Total assets of Charter Company equal $770,000 and its equity is $455,000. What is the amount of its liabilities?

1.

a. Total assets of Charter Company equal $770,000 and its equity is $455,000. What is the amount of its liabilities?

b. Total assets of Martin Marine equal $570,000 and its liabilities and equity amounts are equal to each other. What is the amount of its liabilities? What is the amount of its equity?

Assets = Liabilities + Equity a. $770,000 = $315,000selected answer correct + $455,000 b. $570,000 = $285,000selected answer correct + $285,000selected answer correct ----------------------------------------------------------------------------------- 2. 1. Use the accounting equation to compute the missing financial statement amounts. Company Assets = Liabilities + Equity 1 $86,000 = $40,500selected answer correct + $45,500 2 $111,500selected answer correct = $30,500 + $81,000 3 $107,000 = $31,000 + $76,000selected answer correct 2. Use the expanded accounting equation to compute the missing financial statement amounts. Company Assets = Liabilities + Common Stock − Dividends + Revenues − Expenses 1 $62,000 = $21,500 + $31,000 − $0 + $23,000selected answer correct − $13,500 2 $100,900 = $37,500 + $55,000 − $3,100selected answer correct + $35,000 − $23,500 ----------------------------------------------------------------------------------- 3.