Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Adjustrent data: 1. Supplies on hand tataled $2,250. 2. Depreciation is $11,300 on the equipment. 3. Interest of $5,550 is acerued on notes payable at

image text in transcribedimage text in transcribed

image text in transcribedimage text in transcribed

Adjustrent data: 1. Supplies on hand tataled $2,250. 2. Depreciation is $11,300 on the equipment. 3. Interest of $5,550 is acerued on notes payable at Novamber 30 . 4. Invantory actually on hand is $45,500. (c) Journalize the adjusting sntries. (List all debit entries before credit entries. Credit account titles are cutomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Ent No. Date Account Titles and Explanation 1. Nov, 30 (To adjust supplies experse) 2. Nov. 30 (To adjust depreciation on equipment) 3. Nov. 30 (To adjust interest expense) 4. Nov. 30 Debit Credit (To adjust merchandise inventory) (d) Journalize the closing entries. (List all debit entries before credit entries. Credit occount titles are outomatically indented when amount is entered. Do not indent manually If no ent Date Account Titles and Explanation Debit Credit Nav 30 (To close accourits with credit balances) Nav 30 (To close accounts with debit balances) Nov 30 (To close net income / (loss)) Nov 20 (To close drawings) (e) Prepare a post-cleging trial balance

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management Control Systems

Authors: Kenneth Merchant, Wim Van Der Stede

5th Edition

1292444134, 9781292444130

More Books

Students also viewed these Accounting questions

Question

Describe effectiveness of reading at night?

Answered: 1 week ago

Question

find all matrices A (a) A = 13 (b) A + A = 213

Answered: 1 week ago