Adjusting Journal Entries

1. Jim recalls finishing up a job search for Mack Brown. He forgot to bill Mack the $980.

2. Hoops had worked 8 ($10/hr) hours as of the end of June. He will not be paid until July 5.

3. An inspection of the insurance policy purchased from No State Insurance on June 12 indicates that it is a 12 month policy that included coverage for the entire month of June. Recall it was $2,400 for 12 months coverage

4. Water bill dated July 10 for $64, due upon receipt.

5. Supply cabinet physical count reveals there is only $80 of supplies remaining. Recall we previously found the supply account to be $240.

6. The last payment on the note was on June 21. As of June 30, 9 days of interest at 10% has accrued.

7. Car has useful life of 48 months with salvage value of $3920. Computer and equipment has a 3 year life with no salvage value. Recall the car account was found to equal 20,000 and computer/equipment equaled 5100.

Prepare an adjusting entry for each transaction in the general journal. Then post the amounts to the general ledger. Prepare an adjusted trial balance after posting has been completed.