Continue Mini Case 1 (the Accounting Cycle Part 1), the following information is available for FastForward in
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Question:
Continue Mini Case 1 (the Accounting Cycle Part 1), the following information is available for FastForward in September that may need adjustments.[1]
- By the end of September, FastForward has provided another one months consulting work to XYZ co. based on their contract on August 15.
- A physical account indicates that only $50 supplies still left unused as of September 30.
- Prepare the necessary adjusting journal entry to record the use of the rented office space in September.
- Prepare the necessary adjusting journal entry to record the use (i.e., depreciation) of the computers purchased on September FastForward decided to adopt the straight-line method to calculate the depreciation.
- On September 29, received the September utilities bill of $930 from Second Energy Co. and will pay the bill in October.
- On September 27, earned $4,700 of commissions for referring customers to Stow Inc. The amount has not yet billed to Stow until October 9.
Prepare and post the adjusting journal entries. (Credits and Debits and descriptions of each journal entry)
Posted Date: