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10. Bud's Restaurant prepares monthly Financial Statements. On January 31, the balance in the Supplies account was $1,600. During February, $2,960 of supplies were purchased and debited to Supplies. What is the adjusting entry on February 28 to account for the supplies assuming a February 28 inventory showed that $1,300 of supplies were on hand? a. Supplies Expense 300 Supplies b. Supplies 300 Supplies Expense 300 Supplies 3,260 Cash 3,260 d. Supplies Expense 3,260 Supplies 3,260 e. Some other entry. 300

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13. Xu Company prepares monthly Financial Statements. On August 31, the balance in the Office Supplies account was $300. During September, $500 of supplies were purchased and debited to Office Supplies Expense. What is the adjusting journal entry on September 30 to adjust for the supplies assuming a September inventory count of supplies showed that $250 were on hand? a. Office Supplies 350 Office Supplies Expense 350 b. Office Supplies Expense Office Supplies C. Office Supplies Expense Office Supplies 50 d. Office Supplies Expense Office Supplies 350 e. Office Supplies Office Supplies Expense 250 oo 250

On January 2, 20X1, Prepaid Rent had a balance of $15,000. Atthe end of the year, the amount of Prepaid Rent is $4,000.Required: The adjusting entry on December 31, 20X1 would be todebit Rent expense and credit Prepaid Rent for $ [a].

2. Needles pays employees $2,750 in wages per week. Wages arepaid each Friday for a 5-day work week. December 31, 20X1 ends on aTuesday. Required: The adjusting entry on December 31, 20X1 wouldbe to debit Wages expense and credit payable for $ [b].

3. At the beginning of the year, the Supplies account had $850.During the year $5,600 of supplies were purchased. At December 31,2009, $475 of supplies were on hand. Required: The adjusting entryon December 31, 20X1 would be to debit Supplies expense and creditSupplies for $ [c].

4. On October 1, 20X1, $21,000 was received from customers inadvance for services to be performed from October 1, 20X1 toSeptember 30, 20X2. Required: The adjusting entry on December 31,20X1 would be to debit Unearned Fees and credit Fees earned for $[d].

1. A company purchases a two - year insurance policy on June 1,20X1 for $36,000. The adjusting entry on December 31, 20X1 is debitInsurance Expense, $10,500, and credit Prepaid Insurance, for[a].

2. On September 1, 20X1, $6,000 was received from customers inadvance for services to be performed from September 20X1 to August31, 20X2.

Required: The adjusting entry on December 31,20X1 to record the amount of Fees earned would be: $ [b].

3. At the beginning of the year, 20X1, the Supplies account had$2,850. During the year $15,600 of supplies were purchased. AtDecember 31, 20X1, $650 of supplies were on hand.

Required: The adjusting entry on December 31,20X1 would be to debit Supplies expense and credit Supplies for $[c].

Question 3 (11 points)

The following is a partial unadjusted Trail Balance.

Bravo Unlimited

Unadjusted Trial Balance (partial)

3/31/16

Accounts

DEBIT

Cash $27,500

Prepaid Expenses 600

CREDIT

Accounts Payable $15,000

The Prepaid Expenses relate to the machine rent that Bravo paysin February for March. Use this information to prepare theAdjusting General Journal entry (without explanation) forMarch.

Question 4 (11 points)

The following is a partial unadjusted Trial Balance.

Bravo Unlimited

Unadjusted Trial Balance (partial)

2/29/16

Accounts

DEBIT

Cash $15,500

Supplies 12,400

CREDIT

Accounts

Payable $10,500

DEBIT

Supplies Expense 5,000

The Supplies account balance on February 1, 2016 was $1,400.During the month of February Bravo purchased $11,000 of suppliesfor use in its operations. On February 29, Bravo warehouse chiefinventoried supplies and determine the value on hand was $1,500.Use this information to prepare the General Journal entry (withoutexplanation) for the required end of the month adjustment.

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