Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

13.5A (Algo) Journalizing adjusting and reversing entries. LO 13-4, 13-7 The data below concerns adjustments to be made at Coffee Bean Importers. Adjustments a. On

13.5A (Algo) Journalizing adjusting and reversing entries. LO 13-4, 13-7 The data below concerns adjustments to be made at Coffee Bean Importers. Adjustments a. On November 1, 20X1, the firm signed a lease for a warehouse and paid rent of $14,700 in advance for a six-month period. b. On December 31, 20X1, an inventory of supplies showed that items costing $1,740 were on hand. The balance of the Supplies account was $10,620. c. A depreciation schedule for the firm's equipment shows that a total of $7,200 should be charged off as depreciation in 20X1. d. On December 31, 20X1, the firm owed salaries of $3,400 that will not be paid until January 20X2. e. On December 31, 20X1, the firm owed the employer's social security (6.2 percent) and Medicare (1.45 percent) taxes on all accrued salaries. f. On September 1, 20X1, the firm received a five-month, 6 percent note for $3,500 from a customer with an overdue balance. Required: 1. Record the adjusting entries in the general journal as of December 31, 20X1. 2

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

Mathematics Of Finance

Authors: Petr Zima, Robert L. Brown

5th Edition

0070871353, 978-0070871359

More Books

Students also viewed these Finance questions

Question

CL I P COL Astro- L(1-cas0) Lsing *A=2 L sin(0/2)

Answered: 1 week ago