Journalyzing Adjusting Entries [15-25 min]

| December 11, 2017

Laughter Landscaping has the following independent cases at the end of the year on December 31, 2014:a. each Friday, Laughter pays employees for the current weeks work. The amounts of the weekly payroll is $7,000 for a five -day workweek. This year December 31 falls on a Wednesday.b. Details of Prepaid insurance are shown in the account: Prepaid Insurance – Jan 1 $ 4,500.Laughter prepay’s a full year insurance each year in January 1. Record insurance expense for the year ended December 31.d. The beginning balance of Supplies was $4,000. During the year, Laughter purchased supplies for $5,200 and at December 31 the supplies on hand total $2,400.d. Laughter designed a landscape plan, and the client paid Laughter $7,000 at the start of the project. Laughter recorded this amount as unearned service revenue. The job will take several months to complete, the Laughter estimates that the company has earned 60% of the total revenue during the current year.e. Depreciation for the current year included Equipment, $3,700; and Trucks, $1,300. Make a compound entry.

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