Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Data for adjusting entries: 1. As at December 31, 2024, 80% of the wages that had been paid in advance to the salespeaple had been
Data for adjusting entries: 1. As at December 31, 2024, 80\% of the wages that had been paid in advance to the salespeaple had been earned. 2. A count of the supplies at year end revealed that $600 of supplies were still on hand. 3. Depreciation an the equipment for 2024 was $1,000. 4. The deferred revenue was advance receipts for future deliveries of goods. By December 31,2024 , two-thirds of these deliveries had been made. 5. The bank loan was a six-month loan taken out on Octaber 1, 2024. The interest rate on the laan is 8%, but the interest is nat due to be paid until the note is repaid on April 1, 2025. 6. Wages owed at year end and not yet recorded were $500 7. The rent expense figure includes $490 paid in advance for Jaruary 2025. B. Income tax for the year should be calculated using a tax rate of 25%. Hint After you finish the other adjusting entries, determine the income before income tox and then calculate the tax as 25% of this amaunt.] Prepare the adjusting entries for the year 2024. (List ail debit entries before credit entries. Credit account tities are automaticolly indented when the amount is entered. Do not indent manually. If no enery is required, select "No Entry" for the account titles and enter of for the amounts. Round answers to the nearest whole dollor, eg. 5.275.)
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