Adjusted Entries

1) to prepare a adjusting entries using the following information in the General Journal with calculations on the side.

a) Depreciation of the house

b) Depreciation of the furniture

c) Interest on the promissory note

d) Recognition of the expired portion of the insurance

e) Recognition of a portion of the guest's deposit

f) Wages earned during the second half of January amount to $5,120 and will be paid on February 3.

g) Cleaning supplies on hand on January 31 amount to $230.

h) A gas and electric bill that is received from the city amounts to $740 and is payable by February 5.

i) Income taxes are to be accrued at a rate of 30% of income before taxes.

2)Post the adjusting entries on Janurary 31 below to the General Ledger T-accounts and compute adjusted balances. Just add to the balances that are already listed.

Chart of Accounts Account Account Type Number Account Title Normal Balance Assets 111 Cash Debit 117 Prepaid Insurance Debit 115 Cleaning Supplies Debit 14 Furniture Debit 145 Accum Dep -Fumiture Credit 146 House Debit 147 Accum Dep - House Credit 148 Land Debit Liabilities 212 Accounts Payable Credit 213 Notes Payable Credit 214 Wages Payable Credit 215 Utilities Payable Credit 216 Rent Received in Advance Credit 217 Interest Payable Credit 218 Income Tax Payable Credit Stockholders Equity 31 1 Retained Earnings Credit 312 Capital Stock Credit 313 Dividends Debit Revenue 411 Revenue - Rental of Rooms Credit 412 Revenue - Restaurant Credit Expenses 511 Advertising Expense Debit 512 Wages Expense Debit 513 Insurance Expense Debit 514 Supplies Expense Debit 515 Utilities Expense Debit 516 Depreciation Expense Debit 517 Interest Expense Debit 518 Income Tax Expense Debit Other 999 Income Summary Credit