atcunaH Last 4 Student iD Last 4 Lee Company Adjusting Journal Entries September

Question

atcunaH Last 4 Student iD Last 4 Lee Company Adjusting Journal Entries September 30, 2017 09/30/17 h) Lee determined that $1,000 of the supplies were on hand on hand at 09/30/17 09/30/17 ) The company purchased 400,000 of equipment on September 1, 2017 $300,000 cash, the balance, issued a note payable The salvage value is $160,000, estimated life of 5 years 09/30/17 D The balance of unearned revenue was $50,000 at the end of the month 09/30/17 k) Recompute and record the acerued interest expense (one month) on September 30, 2017 The note payable is due on December 31, 2017 and the interest rate 12%, show yor eakulation and round the interst expense to the nea rest $100 (for example if the interest expense is >$950 round to $1,000 AJE h (Supplies) Debit Credit Beginning Additons Deletions Subtotal AJE End 1,000 11,000 11,00010,000 AJE I (Depreciation

Explanation / Answer

Depreciation workings:

Ref Account Debit Credit h Supplies expense        10,000 Supplies inventory      10,000 i Depreciation expense          4,000 Acc dep - equipment        4,000 j Unearned revenue        50,000 Service revenue      50,000 k Interest expense          1,000 Interest payable        1,000

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