Question
A partial trial balance of Julie Hartsack Corporation is as follows on December 31, 2015.
Dr.
Cr.
(a) Assuming that the books have not been closed, what are the adjusting entries necessary at December 31, 2015? (Ignore income tax considerations.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.)
No.
Account Titles and Explanation
Debit
Credit
(b) Assuming that the books have been closed, what are the adjusting entries necessary at December 31, 2015? (Ignore income tax considerations.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.)
No.
Account Titles and Explanation
Debit
Credit
(c) Pass the necessary adjusting entries for the following taking into account income tax effects (40% tax rate) and assuming that the books have been closed. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.)
No.
Account Titles and Explanation
Debit
Credit
|
|
|
Dr. |
|
Cr. |
|
Supplies |
|
$2,700 |
|
|
|
Salaries and wages payable |
|
|
|
$1,500 |
|
Interest Receivable |
|
5,100 |
|
|
|
Prepaid Insurance |
|
90,000 |
|
|
|
Unearned Rent |
|
|
|
0 |
|
Interest Payable |
|
|
|
15,000 |
