O Not secure ezto.mheducation.com/hm.tpx?-0.3854347954160179 1536435628535 Total
ID: 2330167 • Letter: O
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O Not secure ezto.mheducation.com/hm.tpx?-0.3854347954160179 1536435628535 Totals 397750397750 Information necessary to prepare the year-end adjusting entries appears below 1. Depreclation on the office equlpment for the year is $10,250 2. Employee salaries and wages are pald twice a month, on the 22nd for salarles and wages earned from the 1st through the 15th, and on the 7th of the following month for salaries and wages earned from the 16th through the end of the month. Salaries and wages earned from December 16 through December 31, 2016, were $1,300. 3. On October 1, 2016, Pastina borrowed $54,000 from a local bank and signed a note. The note requires 4. On March 1, 2016, the company lent a suppller $24,000 and a note was signed requiring principal and 5. On April 1, 2016, the company paid an Insurance company $5,000 for a two-year fire insurance polcy. The 6. $800 of supplies remained on hand at December 31, 2016. interest to be paid annually on September 30 at 12%. The principal s due in 10 years. interest at 8% to be paid on February 28, 2017 entire $5,000 was debited to Insurance expense. 7. A customer paid Pastina $1,560 in December for 1,300 pounds of spaghetti to be delvered In January 2017. Pastina credited sales revenue 8.On December 1, 2016, $2.100 rent was paid to the owner of the building. The payment represented rent for December 2016 and January 2017 at $1,050 per month. References Problem 2-4 Accounting cycle; adjusting entries through post-closing trial balance [L02-3, 2-5, 2-6, 2-7 Section Break value 10.00 points Type here to search Oo PExplanation / Answer
Adjusting entry:
Note: For adjusting entry No 6 We need to see balance sheet for amount of supplies please post adjusting entry 6 individualy for answer with balance sheet
No account and explanation debit credit 1. Depreciation expense-Office equipment 10250 Accumlated depreciation-Office equipment 10250 (To record depreciation) 2 Salary and wages expense 1300 Salary and wages payable 1300 (To record salary and wages expense) 3 Interest expense (54000*12%*3/12) 1620 Interest payable 1620 (To record interest expense) 4 Interest receivable (24000*8%*10/12) 1600 Interest revenue 1600 (To record interest revenue) 5 Prepaid insurance (5000*15/24) 3125 Insurance expense 3125 (To record insurance expense) 6 7 Sales revenue 1300 Unearned sales revenue 1300 (To record unearned revenue) 8 Rent expense 1050 Prepaid rent 1050 (To record rent expense)Related Questions
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