Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. Adjustments (10 A, 5C) [15 marks] Given the information below, complete the adjustments for the quarter ending March 31. a. 6 months' insurance

image text in transcribedimage text in transcribed

1. Adjustments (10 A, 5C) [15 marks] Given the information below, complete the adjustments for the quarter ending March 31. a. 6 months' insurance was purchased for $7,200 on the 15th of January. b. The balance in the Unearned Revenue account is $5,400. 10% of the job has yet to be completed. c. A 5 year bank loan of $50,000 was obtained on January 1. Interest is to be paid at 4% p.a at the end of every year. d. Supplies were $4,900 at the beginning of the fiscal period. There was a purchase of $2,900 worth of supplies during the period. A count of supplies at the end shows $3,300 remaining. e. A Van that was originally purchased for $18,300 has accumulated depreciation of $4,128 and depreciates at 15% per annum using the declining balance method. Particulars P.R. Debit Credit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Accounting

Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik

10th edition

0-07-794127-6, 978-0-07-79412, 978-0077431808

More Books

Students also viewed these Accounting questions

Question

Will something truly bad happen if I dont follow this value?

Answered: 1 week ago