Question

Prepaid insurance of $140 expired this month.

At the end of the month, $400 of office supplies are still available.
This month's depreciation on computer equipment is $400.
Employees earned $560 of unpaid and unrecorded salaries as of month-end.
The company earned $2,250 of commissions revenue that is not yet recorded at month-end.
Required: Prepare journal entries to record the transactions for April and post them to ledger accounts in Requirement 68GL tab. The company records prepaid and unearned items in balance sheet accounts.

Answer 1

The question requires preparation of journal entries for various accounting transactions and posting them to ledger accounts, involving prepaid insurance, office supplies, depreciation, salaries, and unrecorded revenue.

Step-by-step explanation:

The question deals with the preparation of journal entries for various accounting transactions that occurred during the month, and the posting of these entries to ledger accounts. The transactions include the expiration of prepaid insurance, the availability of office supplies, depreciation on computer equipment, accrual of employee salaries, and unrecorded commissions revenue.

To prepare the journal entries, each transaction should be recorded in a way that reflects its impact on the financial statements. The entries must then be posted to their respective ledger accounts as per the double-entry accounting system.