B52 Skate Training prepares adjustments annually and showed the following on its June 30, 2014, year-end: a.
Question:
B52 Skate Training prepares adjustments annually and showed the following on its June 30, 2014, year-end:
b. A count of the Repair Supplies at year-end revealed that $1,900 had been used.
c. Annual depreciation of the skate equipment was $82,000.
d. A review of the Unearned Training Fees account at year-end showed that included in the balance was $12,600 that had not yet been earned.
e. Accrued salaries of $58,000 had not been recorded at year-end.
f. Interest of $1,800 had accrued regarding the Notes Payable.
g. On June 5, 2014, cash of $92,000 was received for 2014/2015 training sessions (lessons begin in October). This amount is included in the Training Fees learned balance.
Required
Prepare the annual adjusting entries on June 30, 2014, for each of (a) through (g) above.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Fundamental Accounting Principles
ISBN: 978-0071051507
Volume I, 14th Canadian Edition
Authors: Larson Kermit, Tilly Jensen
Question Posted: