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2-6 Marks (11 Minutes) Following are transactions that were recorded in the books of Flipdoubt Ltd during their recently completed fiscal year ending January31, 2022.
2-6 Marks (11 Minutes) Following are transactions that were recorded in the books of Flipdoubt Ltd during their recently completed fiscal year ending January31, 2022. You are being asked to prepare adjusting journal entries, as required, to be recorded in the Year end financial statements of the company. A. In March of 2021, Flipdoubt purchased office supplies that cost $38,000 which were placed in the supplies room for use as needed. The purchase was recorded as follows: Office supplies expense $38,000 Accounts payable $38,000 On February 1, 2021, the count of unused office supplies on hand was $8.750. At the end of January 2022, a count showed unused office supplies in the supply room amounting to $10,250. Required: Prepare the January 31, 2022 adjusting entry. B. On January 31, 2022, Flipdoubt Ltd owed their employees $18,000 for wages that were earned by them during January and were not recorded Required: B. On January 31, 2022, Flipdoubt Ltd owed their employees $18,000 for wages that were earned by them during January and were not recorded. Required: Prepare the January 31, 2022 adjusting entry: COn Friday, January 28, 2022, Flipdoubt received a cheque for $6,200 from Spazdic Company for one of Flipdoubt's super duper flipper dippers. The super duper flipper dipper was shipped to Spazdic on Friday, February 4, 2022, Flipsoubt recorded the receipt as follows:: January 28, 2022: Cash $6,200 Unearned revenue 5,200 Required Prepare the January 31, 2022 adjusting entry. D. On September 1, 2021, Flipdoubt Ltd borrowed $30,000 cash on a one-year, es interest-bearing, note payable. The interest is payable on the due date, August 31, 2012. The note was recorded as follows September 1, 2021 Cash $30,000 Notes payable 20,000 Required Prepare the January 31.2022 adjusting entry L
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