Question
Create Journal Entries with the following information below. 1) The business pays, in advance for 1 years worth of truck insurance. 2) The owner withdrew
Create Journal Entries with the following information below.
1) The business pays, in advance for 1 years’ worth of truck insurance.
2) The owner withdrew $2,000 in cash to make a mortgage payment on his home.
3) On Jan 1, BCo received $3,000 from a customer to provide landscape services for Jan, Feb and Mar. (BCo already made the correct entry on Jan 1 debiting Cash and crediting Unearned Revenue). Prepare BCo’s adjusting entry for JAN 31
4) A machine was purchased for $24,000 on JAN 1. Its estimated useful life is 48 months. Prepare the entry for depreciation on JAN 31.
Step by Step Solution
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There are 3 Steps involved in it
Step: 1
Journal Entries 1 Prepaying Truck Insurance Date Account Debit Credit Jan01 Truck Insurance 24000 Ja...
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Accounting
Authors: Carl s. warren, James m. reeve, Philip e. fess
21st Edition
978-0324400205, 324225016, 324188005, 324400209, 9780324225013, 978-0324188004
