Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

As of December 3 1 , year - end, the following adjusting entry data are provided. Prepaid Rent: Rent is paid every six months upfront,

As of December 31, year-end, the following adjusting entry data are provided.
Prepaid Rent: Rent is paid every six months upfront, and rent is paid through the end of February.
Inventory: A physical count reveals $4,500 worth of inventory and $575 worth of supplies remain.
Advertising supplies: You used $45 worth of supplies.
Depreciation: The equipment excluding the new fridge has a 5-year useful life and a $2,200 salvage value. The new fridge has a 7-year useful life and a $204 salvage value.
Accrued Salaries: Employees earned 176 hours for work done through January 31st, payable on February 9th.
Prepaid insurance: One months worth of insurance has expired.
A cell phone invoice is received for $75. The invoice is for services provided during January and is due on February 22.
WHAT WOULD THE ADJUSTED ENTRIES BE?
image text in transcribed

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

Bank Management Text And Cases

Authors: George H. Hempel, Alan B. Coleman, Donald G. Simonson

3rd Edition

0471621781, 978-0471621782

More Books

Students also viewed these Accounting questions