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 BCos 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.
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Internal Audit Practice From A To Z
Authors: Patrick Onwura Nzechukwu
1st Edition
149874205X, 978-1498742054
