2024 Atlas Company Store supplies, assignment help

Atlas Company Store supplies, assignment help

Business Finance Assignment Help 2024

Need help prepare the required adjusting entry for 4 questions

1. Atlas Company Store supplies account had a beginning balance of $780. Through out the year the company purchased $1500 in supplies. A physical of the supplies showed $525 of unused supplies available as of December 31, 2015. Prepare the required adjusting entry.

2. You have the following insurance policies

Purchase date        Period         Amount

Jan 1, 2013             4yrs                 $2400

Aug 1,2014             3yrs                 $3600

Sep 1,2015             2yrs                 $1920

The total premium for each policy was paid in full for all months at the purchase date, and the prepaid insurance were properly recorded in all prior years.

Prepare the adjusting journal entry for December 31, 2015

3. You sold tickets for 2 different concert series as summarized below

Sales Date        Ticket sales (amount received)           Number of concert series (when sold)      Number of concert

April 1,2015                       $4500,000                                                         9                                        Series remaining at

Sep 1,2015                        $3500,00                                                            7                                      December 31,2015

                                                                                                                                                                                 2

                                                                                                                                                                                 4

When you sold the tickets it was recorded in Unearned Concert Revenue. Prepare the required adjusting entry at December 31,2015.

4. You made the following loans to two of your employees.

Name                  Loan Amount                   Loan Date            Period                  Total interest on loan

John Q                    $1500                             1 July 2015           15 months                      $90

Alex Z                      $2500                            1 Oct 2015             12 months                     $120      

Prepare the required adjusting entry for accrued interest on December 31,2015