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Edge B itat Velor Inc. is just finishing another year of operations. The company's unadjusted trial balance at January 31, 2014 is shown below. The
Edge B itat Velor Inc. is just finishing another year of operations. The company's unadjusted trial balance at January 31, 2014 is shown below. The following additional information is available at January 31 for the year just ended a. Accrued salaries at year-end totalled $10,000 b. A building Velor Inc. owns is rented out for $2.250 each month. The current month's rent has not been received by year-end c. The estimated yearly depreciation on the furniture is $900 d. The Equipment was purchased in a previous year and will be sold for $4,250 after being used for five years e. A review of the unadjusted balance in the prepaid insurance account shows a remaining balance of $12,200 at the end of the year f. $4,300 of the consulting fees paid to Velor Inc. in advance has been earned g. The Building was purchased in a previous year and will be sold for $8,500 after being used for ten years h. Interest of $1,720 has accrued on a note payable but is unrecorded Use this information to prepare adjusting entries at January 31, 2014, based on the above. Enter the adjustment letter as the description. The dates must be entered in the format dd/mmm (ie. 15/Jan). General Journal Page GJ8 Velor Inc. Unadjusted Trial Balance January 31, 2014 Date Account/ Explanation F Debit Credt Debit Credit
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