Question
Complete the appropriate adjusting journal entries for Stance Company on December 31, 2015. 1. Depreciation expense for equipment was $30,000. 2. On November 1, 2015
Complete the appropriate adjusting journal entries for Stance Company on December 31, 2015.
1. Depreciation expense for equipment was $30,000.
2. On November 1, 2015 the company purchased 6 months of insurance for $3,600. Record the entry for the amount of insurance used.
3. The company pays semiannual interest on $100,000 6% bonds on February 28th and August 31st.
4. A customer paid $3,000 on June 1st for one year of consulting services.
5. At the start of the year, the supply account balance was $2,500 and during the year, $13,000 supplies were purchased. At the end of the year a physical account showed that $4,000 of supplies were still on hand.
6. The company provided $1,800 of services which were going to be billed next year.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started