Question
Adj. Journal entry help, please! 1. On January 1, the Office Supplies account had a $250 balance. On December 31, an inventory count showed $190
Adj. Journal entry help, please!
1. On January 1, the Office Supplies account had a $250 balance. On December 31, an inventory count showed $190 of office supplies on hand.
2. The weekly (5-day) payroll of Ardery Company amounts to $2000. All employees are paid at the close of business each Wednesday. A 2-day accrual is required for the current year.
3. Sales personnel travel cost reports indicate that 490 of the 600 advances (The 600 advance has already been recorded) had been used to pay travel expenses.
4. The income tax rate is 30% on current income and is payable in the first quarter of next year. The pretax income before adjusting entries is $8655.
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