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15. Osman Odd Gifts is a merchandising company. It is a corporation, has been in business for 10 years, and only makes adjusting entries yearly
15. Osman Odd Gifts is a merchandising company. It is a corporation, has been in business for 10 years, and only makes adjusting entries yearly for its fiscal year end December 31 . In proper journal entry form, record only the adjusting entries for Dec 31,2022 related to these assets and account balances. The necessary accounting policy info for Osman is included in each line. Your entry is just for one year or the relevant portion of the year. Show work for each in the designated area A.. Osman has a building purchased for $2,400,000 in 2013 . It uses Straight-line with useful life of 30 years. B. Osman has a truck purchased for $70,000 in 2021. It uses Straight-line with useful life of 10 years and estimated salvage value of $5,000 C. Osman holds a Copyright for a jingle purchased in 2020 for $25,000. It uses Straight-line with useful life of 25 years D. Osman has an Accounts Receivable balance of $986,000 and a credit balance in Allowance for Uncollectibl Accounts of $3,500 (balances before these adjusting entries). It uses the Allowance method and estimates that 4% of the total Accounts Receivable balance will not be collected. E. Osman paid \$24,000 June 1, 2022 for insurance covering June 2022 through May 2023, one year. F. Osman's warehouse employees are paid every other Friday and the last payroll of the year was Dec 23. Norkers earn $55,000 for their work in between the last paycheck and the end of the year
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