Answered step by step
Verified Expert Solution
Question
1 Approved Answer
From the following information journalize the adjusting entries for Evan's Food Sales on October 31, 2010 Use the form provided Use the Chart of Accounts
From the following information journalize the adjusting entries for Evan's Food Sales on October 31, 2010 Use the form provided Use the Chart of Accounts given after the transactions.
A) On October 1, we purchased a four-month insurance policy for $800. B) We have one Notes Payable. It is a $18,000, 90-day note that has a 12% interest rate. The note was signed on October 1. (Use a 360-day year.) C) The office supply account shows a balance of $700; we have $300 worth of supplies in the cabinet. D) Our employees (all salaried) can $7,500 per week. The work week is from Monday to Friday. October 31 is a Thursday. The prior weeks in October have already been journalized. E) Depreciation on our truck was $700 this month. Contra EVAN'S FOOD SALES CHART OF ACCOUNTS Cash Buy a frack g85,0oD thetonical Cost Accounts Receivable Office Supplies Prepaid Insurance Truck Accum. Depr.Truck Accounts Payable Accrued Interest Payable Accrued Wages Payable Notes Payable E. Barshack, Capital E. Barshack, Drawing Acumulated Depr CH I 84,000 buok value . Accumulate Depr Book value Sales Depreciation Expense Insurance Expense DR Interest Expense Supplies Expense Wages Expense
Step by Step Solution
★★★★★
3.35 Rating (155 Votes )
There are 3 Steps involved in it
Step: 1
Solution ...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
Document Format ( 2 attachments)
635d8146381e3_176248.pdf
180 KBs PDF File
635d8146381e3_176248.docx
120 KBs Word File
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started