Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Direction: From the following information, journalize the adjusting entries for Tria's Knittery on October 31, 2016. Chart of Accounts: Insurance Expesne Interest Expense Wages Expense
Direction: From the following information, journalize the adjusting entries for Tria's Knittery on October 31, 2016.
Chart of Accounts:
Insurance Expesne
Interest Expense
Wages Expense
Prepaid Insurance
Accured Interest Pay
Accured Wages Payable
Supplies Expense
Cash Kintting Expense
1. On Oct 1, we purchased a four-month insurance policy for $480
2. We have one Notes Payable. It is a $6000, 120-day note that has a 6% interest rate. The note was signed on October 1st. (Use a 360-day year)
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