Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Current Attempt in Progress Martin Rides is owned by Jason Martin. The company has an August 31 fiscal year end and prepares adjustments on an
Current Attempt in Progress Martin Rides is owned by Jason Martin. The company has an August 31 fiscal year end and prepares adjustments on an annual basis. The following is an alphabetical list of its accounts at August 31,2024, before adjustments. All accounts have normal balances. Additional information: 1. On August 31 , a physical count shows $650 of supplies on hand. 2. The insurance policy has a one-year term that began on November 1, 2023. 3. The equipment has an estimated useful life of 10 years. The vehicles have an estimated useful life of 12 years. 4. The company collects cash in advance for any special services requested by customers. As at August 31 , the company has provided all but $4,640 of these services. 5. The note payable has an annual interest rate of 6.0%. Interest is paid on the first day.of each month. 6. Employees are paid a combined total of $540 per day. At August 31,2024 , five days of salaries are unpaid. Employees do not work weekends. 7. On August 31, the company provided $1,390 of services for a senior citizens' group. The group was not billed for the services until September 2. 8. Additional fuel costs of $610 have been incurred but not recorded. (Use the Accounts Payable account.) Question 1 of 3 ( 10 recora aepreciation tor equipment.) 144 Aug. 31 (To record depreciation for vehicles.) 4. Aug. 31 5. Aug. 31 i 6. Aug. 31 7. Aug. 31 8. Aug. 31 Journalize the annual adjusting entries at August 31, 2024. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to the nearest whole dollar, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) Post the adjusting entries. (Post entries in the order of journal entries presented in the previous part.) Question 1 of 3 144 Prepaid Insurance Aug. 31 12,720 Supplies Aug. 31 4,430 f Vehicles Aug. 31 421,800 Accumulated Depreciation-Vehicles Aug. 31 175,750 Question 1 of 3 Aug. 31 Equipment 41,200 Aug. 31 Accounts Payable Aug. 31 5,380 Notes Payable Aug. 31160,000 Question fof 3 Unearned Revenue Interest Payable Salaries Payable J. Martin, Capital Aug. 31 105,160 Service Revenue Question |of3 > Service Revenue Aug. 31 335,990 Salaries Expense Aug. 31 140,500 Question 1 of 3 Interest Expense Aug. 31 9,670 Rent Expense Aug. 31 22,400 Fuel Expense Aug. 31 24,100 Insurance Expense Question 1 of 3 Insurance Expense Depreciation Expense Supplies Expense
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