Complete Case #1 on Page 50

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After journalizing and posting the operating transactions, journalize the fol- lowing adjusting entries (Use separate entries for clarity.): 1. Estimated closing value of the linen inventory is $7.220. 2. Wages earned by employees but unpaid are $416. 3. One-twelfth of the prepaid insurance has been consumed. BASIC FINANCIAL ACCOUNTING REVIEW 4. Interest owing, but not yet paid on the equipment note payable account is 1% of the balance owing at month-end. 5. Equipment has a 10-year life and a $3,000 residual value; SL depreciation. 6. Furnishings have an 8-year life and a $7.000 residual value; SL depreciation. 7. Building has a 20-year life and a $42.000 residual value; SL depreciation. 8. Supplies used during the first month are $533. After journalizing and posting the operating transactions, journalize the fol- lowing adjusting entries (Use separate entries for clarity.): 1. Estimated closing value of the linen inventory is $7.220. 2. Wages earned by employees but unpaid are $416. 3. One-twelfth of the prepaid insurance has been consumed. BASIC FINANCIAL ACCOUNTING REVIEW 4. Interest owing, but not yet paid on the equipment note payable account is 1% of the balance owing at month-end. 5. Equipment has a 10-year life and a $3,000 residual value; SL depreciation. 6. Furnishings have an 8-year life and a $7.000 residual value; SL depreciation. 7. Building has a 20-year life and a $42.000 residual value; SL depreciation. 8. Supplies used during the first month are $533