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Journal Assignment | Homework For You

  1. Six transactions (given below) were completed during 2019 by Lucky Company. The annual accounting period ends December 31. Each transaction will require an adjusting entry at December 31, 2019.       Homework For You
  1. On May 1, 2019, Lucky Company paid $12,600 for one year’s rent beginning on that date. The rent payment was recorded as follows:

 

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May 1, 2019

Prepaid rent expense    $12,600

Cash                            12,600

 

  1. Lucky Company purchased office supplies during the year that cost $700 and placed the supplies in a storeroom for use as needed. The purchase was recorded as follows:

February 1, 2019

Office supplies inventory         $700

Cash                                                    700

At the end of 2019, a count showed unused office supplies of $150 in the storeroom. There was no beginning inventory of supplies on hand.

 

  1. On December 31, 2019, Lucky Company owed employees $3,000 for wages earned during December. These wages had not been paid nor recorded so far.
  1. On December 31, 2019 a tenant renting some office space from Lucky Company had not paid the monthly rent of $500, yet.

 

  1. On December 31, 2019, Lucky company received a tax bill of $ 300 from the city for 2019 property.

 

  1. Assume Lucky Company publishes a monthly magazine. On October 1, 2019, the company collected $240 for a yearly subscription. The $240 collection was recorded as follows:

October 1, 2019

Cash                         $240

Unearned subscription revenues          240Homework For You

 

Required:

  • For each transaction (A … F) journalize the adjusting entry at the end of the year (December 31, 2019). Get Finance homework help today

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