Respuesta :
Answer:
The year-end adjusting journal entry will be as presented below:
Explanation:
a. Cougar Corp. purchased $4,300 in supplies during the year. A count at the end of the year showed that $650 of the supplies are still on hand.
Details Dr ($) Cr ($)
Supplies expenses 3,650
Supplies ($4,300 - $650) 3,650
(To record supplies expenses for the year.)
b. Cougar Corp. needs to record depreciation for its Vehicles. The depreciation amount is $4,100.
Details Dr ($) Cr ($)
Depreciation 4,100
Accumulated dep. - Vehicles 4,100
(To record Vehicles' depreciation expenses for the year.)
c. Cougar Corp. owes its employees $5,700 for work performed this year. Cougar Corp. plans to pay the $5,700 in the first week of the next year.
Details Dr ($) Cr ($)
Wages expenses 5,700
Accrued wages 5,700
(To record employees' wages expenses for the year.)
d. Cougar Corp. collected cash of $12,000 from a customer earlier in the year and recorded it properly. $9,500 of the work was performed before year-end and no revenue entries have been recorded yet for this work.
Details Dr ($) Cr ($)
Cash 12,000
Revenue 9,500
Unearned revenue (12,000 - 9,500) 2,500
(To record revenue and unearned for the year.)
e. Cougar Corp. paid $4,800 on October 1 for 4-months of rent. Since October 1, no entries have been made.
Details Dr ($) Cr ($)
Rent expenses (4,800 * 3/4) 3,600
Prepayments - Rent (4,800 * 1/4) 1,200
Cash 4,800
(To record rent expenses for the year and rent prepayment.)
