BMCC Educational 7 BMCC Educational Services purchased $2.000 worth of office su
ID: 2567074 • Letter: B
Question
BMCC Educational 7 BMCC Educational Services purchased $2.000 worth of office supplies on S5 office supplies as follows Office Supplies , 216. A count of the office supplies at December 31, 2016 finds that only was leftover. On February 25. 2016, the bookkeeper recorded the purchase of the $2,000 Cash S2,000 To record the purchase of office supplies. In the space below, prepare the adjusting entry for the office supplies expense. 8 BMCC Educational Services purchased 2 years ago, a delivery truck. The truck cost $30,000. It has a 5-year useful life with no residual value. The truck is depreciated by use of the straight-line method of depreciation and therefore gets depreciated by $6,000 each year. Two years ago, the bookkeeper recorded the purchase of the truck as follows: Truck $30,000 Truck Loan Payable $30,000 To record the purchase of a truck on credit. In the space below, record a year's worth of depreciation expense for the truck. 9. You determined that BMCC Educational Service's year end (12/31/16) was on a Wednesday. You also determined that it pays its employees $5,000 each week on Fridays. You therefore determined that an adjusting entry needs to be made to properly record its wage expense and wages payable to reflect the portion or the amount that belongs in 2016. Based upon your calculation, the portion of the wages that were paid in the first Friday in 2017 that belongs in 2016 amounts to $3,000. In the space below, record the adjusting entry to reflect the wages expense and wages payable that belong in 2016.Explanation / Answer
7.
To Office Supplies A/c
It is given that 2,200 worth office supplies were purchased during the year and the closing balance is worth $ 500. This implies that supplies worth $ 1,700 were consumed during the year and hence should be recorded as an expense.
8.
To Truck A/c
9.
To Wages Payable
Since $ 3,000 pertain to wages of 2016, at year end the above entry will be made. Here 'Wages' A/c is debited to correctly record the wages of the year and a credit will be made to 'Wages Payable' as on Dec 31, it is a liability for the company.
Date Particulars Debit Credit Dec 31, 2016 Office Supplies Expense A/c Dr. 1,700To Office Supplies A/c
1,700Related Questions
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