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Question(s) / Instruction(s):

a.            Two-thirds of the work related to $12,000 cash received in advance is performed this period.

b.            Wages of $13,000 are earned by workers but not paid as of December 31, 2011.

c.             Depreciation on the company’s equipment for 2011 is $10,600.

d.            The Office Supplies account had a $310 debit balance on December 31, 2010. During 2011, $5,688 of office supplies are purchased. A physical count of supplies at December 31, 2011, shows $619 of supplies available.

e.            The Prepaid Insurance account had a $5,000 balance on December 31, 2010. An analysis of insurance policies shows that $3,100 of unexpired insurance benefits remain at December 31, 2011.

f.             The company has earned (but not recorded) $800 of interest from investments in CDs for the year ended December 31, 2011. The interest revenue will be received on January 10, 2012.

g.            The company has a bank loan and has incurred (but not recorded) interest expense of $4,000 for the year ended December 31, 2011. The company must pay the interest on January 2, 2012.

Required:

For each of the above separate cases, prepare adjusting entries required of financial statements for the year ended (date of) December 31, 2011.

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