Davenport Docking Corporation
General Journal - Adjusting Entries
July Month-end Adjustments:
Instructions: Please write the month end journal entries for each of the following scenarios listed below. Date each entry as of the end of the month. PLEASE list debits before credits and skip a line between entries. ONLY use account titles listed in the chart of accounts.
				7/31 (A )	Davenport Docking has earned one month of the rent received from their tenant that moved in at the beginning of July.
7/31 (B )	The company estimates customer returns monthly. They estimate 1% of the credit sales of $1,500,000 for the month of July will be refunded. The related inventory returned amounts to $5,500.GET IT DONE WITH ME. LET ME KNOW NOW ON panchalp768@....g...m....a...i...l....co...m Davenport Docking estimates bad debt expense on a monthly basis rather than waiting until year-end. The company uses the allowance and aging of accounts receivable method. Based on recent industry estimates,
7/31 (C )	Davenport Docking estimates bad debt expense on a monthly basis rather than waiting until year-end. The company uses the allowance and aging of accounts receivable method. Based on recent industry estimates, Davenport Docking estimates that the allowance account should be 1.75% of accounts receivable. The ending AR balance is $530,000. At the end of the month (prior to this journal entry) there is a CREDIT balance of $1,250 in the Allowance for Doubtful Accounts account. Write the necessary adjusting entry.
7/31 (D )	The Company took a physical inventory count on July 31 and found the following inventory on hand to be $450,900. The ending balance in the Inventory account (before this adjusting entry) was $460,800. Write the necessary adjusting entry.
7/31 (E )	Grand Valley Marine shares are trading for $10 per share on July 31. Davenport Docking adjusts security investments to market value once a month. Write the adjusting entry for the change in stock value.
7/31 (F)	Depreciation on the company's fixed assets for the JUST THE MONTH of July is as follows:
	1. The equipment for the warehouse was purchased a 4 years ago for $121,000. These assets have a 16-year life, an expected salvage value of $1,000, and are depreciated using the straight-line method.
	2. The office furniture was purchased last year for $22,500. these assets have a 7 year life, an expected salvage value of $1,500, and are depreicated using straight-line method.