Preparing Adjusting Entries assignment help

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On November 30, the end of the current fiscal year, the following
information is available to assist Allerton Company’s accountants in
making adjusting entries: 

  1. Allerton’s Supplies account
    shows a beginning balance of . Purchases during the year were . The
    end-of-year inventory reveals supplies on hand of .

  2. The Prepaid Insurance account shows the following on November 30:

              Beginning                                    $4720
              July 1                                          $4200
              October 1                                     $7272

The beginning balance represents the unexpired portion of a
one-year policy purchased in September of the previous year. The July 1
entry represents a new one-year policy, and the October 1 entry
represents additional coverage in the form of a three-year policy.

The
following table contains the cost and annual depreciation for buildings
and equipment, all of which Allerton purchased before the current year:

                               Account                 Cost                            Annual Depreciation

                               Building                 $298000                        $16000

                              Equipment              $374000                         $40000

  1. On October 1, the company completed
    negotiations with a client and accepted an advance of for services to
    be performed monthly for a year. The was credited to Unearned Services
    Revenue.

  2. The company calculated that, as of November 30, it had earned on an contract that would be completed and billed in January.

  3. Among
    the liabilities of the company is a note payable in the amount of . On
    November 30, the accrued interest on this note amounted to .

  4. On Saturday, December 2, the company, which is on a six-day workweek, will pay its regular employees their weekly wages of .

  5. On
    November 29, the company completed negotiations and signed a contract
    to provide services to a new client at an annual rate of .

REQUIRED 

1. Prepare adjusting entries for each item listed above.

2. CONCEPT Explain how the conditions for revenue recognition are applied to transactions e and h.

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