ACCT110- Week 5

It's the end of the month, and you have gathered the required information needed to adjust your records to get them up to date. You must adjust the entries in the general journal and ledgers, post to the appropriate accounts, and check your work with the adjusted trial balance.

April 30

• Ending Balance of Supplies is $1850.
• Two months of Insurance is Expired. Reminder: Insurance balance was for a 24-month period.
• Two months of Depreciation on Equipment
  • Hint: Use the Straight Line Method:
    • Cost $5,700
    • Salvage Value $1,500
    • Useful Life 5 years (or 60 months)