Journal Entries

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In an Excel spreadsheet configured similarly to the journal shown below, prepare year-end adjustments to the following situations. Omit explanations.

1.Accrued interest on notes receivable is $105.

2.Of the $12,000 received in advance of earning a service, one-third was still unearned by year end.

3.Three years’ rent, totaling $36,000, was paid in advance at the beginning of the year.

4.Services totaling $5,300 had been performed, but not yet billed. 5.Depreciation on trucks totaled $3,400 for the year.

6.Supplies available for use totaled $690. However, by year end, only $100 in supplies remained.

7.Payroll for the five-day work week, to be paid on Friday, is $30,000. Year end falls on a Monday.

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