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    Butler Spa and Pool Accessories needs to make several adjusting entries for the year ended December 31. Inventory is understated by $928 based on a physical count. Insurance expense needs an adjusting entry to allocate the annual cost over the year. Advertising expense also needs an adjusting entry to allocate the amount paid over three months. Unearned membership fees revenue needs an adjusting entry to recognize the fees earned for the period. Depreciation expense adjusting entry is required for equipment purchased during the year. Accrued wages payable needs an adjusting entry to record wages earned but unpaid. Supplies expense needs an adjusting entry based on the physical count of supplies.

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    Butler Spa and Pool Accessories needs to make several adjusting entries for the year ended December 31. Inventory is understated by $928 based on a physical count. Insurance expense needs an adjusting entry to allocate the annual cost over the year. Advertising expense also needs an adjusting entry to allocate the amount paid over three months. Unearned membership fees revenue needs an adjusting entry to recognize the fees earned for the period. Depreciation expense adjusting entry is required for equipment purchased during the year. Accrued wages payable needs an adjusting entry to record wages earned but unpaid. Supplies expense needs an adjusting entry based on the physical count of supplies.

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    27 views1 page

    Solutiondone 2-379

    Uploaded by

    trilocksp Singh
    Butler Spa and Pool Accessories needs to make several adjusting entries for the year ended December 31. Inventory is understated by $928 based on a physical count. Insurance expense needs an adjusting entry to allocate the annual cost over the year. Advertising expense also needs an adjusting entry to allocate the amount paid over three months. Unearned membership fees revenue needs an adjusting entry to recognize the fees earned for the period. Depreciation expense adjusting entry is required for equipment purchased during the year. Accrued wages payable needs an adjusting entry to record wages earned but unpaid. Supplies expense needs an adjusting entry based on the physical count of supplies.

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    © All Rights Reserved
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    Journalize the required adjusting entries for the year ended

    December
    Journalize the required adjusting entries for the year ended December 31 for Butler Spa and
    Pool Accessories. Butler Spa and Pool Accessories uses the periodic inventory system. a– b.
    On December 31, a physical count of inventory was taken. The physical count amounted to $
    22,624. The Merchandise Inventory account shows a balance of $ 21,696. c. On July 1 of this
    year, $ 2,400 was paid for a one- year insurance policy. d. On November 1 of this year, $ 420
    was paid for three months of advertising. e. As of December 31, the balance of the Unearned
    Membership Fees account is $ 15,600. Of this amount, $ 9,200 has been earned. f. Equipment
    purchased on May 1 of this year for $ 8,000 is expected to have a useful life of five years with a
    trade-in value of $ 500. All other equipment has been fully depreciated. The straight- line
    method is used. g. As of December 31, three days’ wages at $ 250 per day had accrued. h. As
    of December 31, the balance of the supplies account is $ 4,200. A physical inventory of the
    supplies was taken, with an amount of $ 1,650 determined to be on hand.View Solution:
    Journalize the required adjusting entries for the year ended December
    SOLUTION-- http://solutiondone.online/downloads/journalize-the-required-adjusting-entries-for-
    the-year-ended-december/

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