Badger Bagels had the following separate situations occur during 2016.The company’s accountant is preparing the annual financial statements at December 31, 2016 and has asked you to record the adjusting entries for each situation in the journal entry form. a. The Unearned Revenue account has an unadjusted balance of $8,000 consisting of gift cards sold to customers. Redeemed gift cards that have not yet been recorded total $4,800. b. At the beginning of the year, the company purchased supplies worth $5000 and paid cash. At December 31, 2016, the supplies available are $2000. c. At December 31, 2016, employee wages of $9,200 have been incurred but not paid or recorded. d. Nine months ago, the company paid one year’s advance rent of $1200 in cash. e. The company purchased equipment on January 1 by paying $ 100,000 cash. Unrecorded depreciation on equipment is $11,200.
Badger Bagels had the following separate situations occur during 2016.The company’s accountant is preparing the annual financial statements at December 31, 2016 and has asked you to record the adjusting entries for each situation in the journal entry form.
a.
The Unearned Revenue account has an unadjusted balance of $8,000 consisting of gift cards sold to customers. Redeemed gift cards that have not yet been recorded total $4,800.
b.
At the beginning of the year, the company purchased supplies worth $5000 and paid cash. At December 31, 2016, the supplies available are $2000.
c.
At December 31, 2016, employee wages of $9,200 have been incurred but not paid or recorded.
d.
Nine months ago, the company paid one year’s advance rent of $1200 in cash.
e.
The company purchased equipment on January 1 by paying $ 100,000 cash. Unrecorded depreciation on equipment is $11,200.
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