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31 August, 10:21

Depreciation on the company's wind turbine equipment for the year is $6,200. The Prepaid Insurance account for the solar panels had a $3,200 debit balance at December 31 before adjusting for the costs of any expired coverage. Analysis of prepaid insurance shows that $1,200 of unexpired insurance coverage remains at year-end. The company received $6,600 cash in advance for sustainability consulting work. As of December 31, one-third of the sustainability consulting work had been performed. As of December 31, $2,400 in wages expense for the organic produce workers has been incurred but not yet paid. As of December 31, the company has earned, but not yet recorded, $520 of interest revenue from investments in socially responsible bonds. The interest revenue is expected to be received on January 12. For each of the above separate cases, prepare the required December 31 year-end adjusting entries. Score answer Visit question mapQuestion 10 of 10 Total 10 of 10 Prev

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  1. 31 August, 13:06
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    Answer & Explanation:

    depreciation expense 6,200 debit

    accumulated depreciation wind turbine 6,200 credit

    to record depreciation expense

    insurance expense 2,000 debit

    prepaid insurance 2,000 credit

    to record expired insurance

    unearned revenue 2,200 debit

    service revenue 2,200 credit

    to record service paid in advance

    wages expense 2,400 debit

    wages payable 2,400 credit

    to record accrued wages for the period

    interest receivable 520 debit

    interest revenue 520 credit

    to record interest earned for the period.
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