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4 a-b. Merchandise Inventory, before adjustment, has a balance of $7700. The newly counted inventory balance is $8,200 c. Unearned Seminer Fees has a balance
4 a-b. Merchandise Inventory, before adjustment, has a balance of $7700. The newly counted inventory balance is $8,200 c. Unearned Seminer Fees has a balance of $6,200, representing prepayment by customers for five seminars to be conducted in June, July, and August 2016. Two 2 points seminars had been conducted by June 30, 2016. d. Prepaid Insurance has a balance of $13,200 for six months insurance paid in advance on May 1, 2016 e. Store equipment costing $7,000 was purchased on March 31, 2016. It has a salvage eBook value of $520, and a useful life of six years. f Employees have earned $270 that has not been paid at June 30, 2016. Referencesg. The employer owes the following taxes on wages not paid at June 30, 2016: SUTA, Print h. Management estimates uncollectible accounts expense at 1% of sales. This year's i. Prepaid Rent has a balance of $6,900 for six months rent paid in advance on March j. The Supplies account in the general ledger has a balance of $420. A count of k. The company borrowed $7000 from First Bank on June 1, 2016 and issued a four- S810FUTA, $162; Medicare, $3.92; and social security, $16.74 sales were $2.200,000. 1, 2016 supplies on hand at June 30, 2016 indicated $160 of supplies remain. month note. The note bears interest at 6%. Based on the above information, record the adjusting journal entries that must be made for Garibaldi Consulting on June 30, 2016. The company has a June 30 fiscal year-end for the general journal. (Do not round intermediate calculations and round your final answers to 2 decimal places.)
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