Answered step by step
Verified Expert Solution
Question
1 Approved Answer
accounting chapter 5 worksheet need help ACCT 100 - Chapter 5 Homework Journalize the following adjusting entries. Each entry is independent of the others. All
accounting chapter 5 worksheet need help
ACCT 100 - Chapter 5 Homework Journalize the following adjusting entries. Each entry is independent of the others. All adjusting entries are as of December 31, 2022. 1. A one-year insurance policy was purchased on September 1, 2022, for $15,000 2. The balance in the supplies account before adjustment is $2,870. As of December 31, 2022, there were only $760 of supplies left. 3. Equipment was purchased March 31, 2022, for $89,000. The equipment has an estimated useful life of 6 years and a residual value of $2,600. 4. A one-year insurance policy was purchased April 30, 2022, for $4,200. 5. During the year the company purchased $2,950 in supplies; $2,230 of the supplies were used. 6. Equipment was purchased on June 1, 2022, for $320,000. The equipment has an estimated useful life of 8 years and a residual value of $24,800. 7. A one-year insurance policy was purchased on May 1, 2022, for $3,840. 8. The balance in the supplies account before adjustment is $3,4060. An inventory of supplies at the end of the year shows $2,800 on hand. 9. Equipment was purchased for $30,000 on September 30, 2022. The equipment has a salvage value of $3,600 and a useful life of 10 yearsStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started