Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

edil it's safer to stay in Protected View Enable Editing Question 1- 18 Marks 1 mark for each journal entry line: Correct account (0.5) and

image text in transcribed

edil it's safer to stay in Protected View Enable Editing Question 1- 18 Marks 1 mark for each journal entry line: Correct account (0.5) and Correct Amount (0.5) - Note: if the account is correct and amount but placed wrong as a debit/credit (0 mark) Green River Rafting Ltd. has a year end of December 31, 2019 Using the information below, prepare the adjusting journal entries at year-end for the following transactions. No explanations are required. 1) Services performed but unbilled and uncollected from customers at year-end is S4,000 2) The company prepaid $8,700 for 6 months' rent on September 1, 2019. 3) Green River purchased equipment on lan 1, 2019 for $36,000 with a useful life of 5 years with no residual value. 4) The company had supplies carried forward at the beginning of the year for $6,000 and during the year purchased supplies on July 1, 2019 for $5,500. There was $4000 worth of supplies on hand at the end of the year. 5) The company owes $1200 in interest for a loan taken earlier in the year, the company has not yet recorded or paid the interest. 6) At the end of the year, wages that have not yet been paid or recorded are $2,500. 7) On January 1, 2019, the company purchased a 3 year Insurance policy for $6,600. 8) The company received $4,300 from a customer in advance which was posted to the Service Revenues account. By the end of December, 30% of services were completed for the customer. 9) The company had advertisement costs of $1,600 during December which the company has not recorded. The company also has not received an invoice from the vendor. To Assist: In Moodle under TEMPLATES select General lournal D O

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Stacey Whitecotton, Robert Libby, Fred Phillips

2nd edition

9780077493677, 78025516, 77493672, 9780077826482, 978-0078025518

Students also viewed these Accounting questions