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Help me adjusting journal entries 4-7 is what I need you can ignore the first two Trial Balance 31-Jul Unadjusted Debit Credit Cash 500,000 Accounts
Help me adjusting journal entries
4-7 is what I need you can ignore the first two
Trial Balance 31-Jul Unadjusted Debit Credit Cash 500,000 Accounts Receivable 300,000 Inventory, December 31 405,000 Prepaid Insurance 70,000 Prepaid advertising 30,000 Supplies 40,000 Equipment 575,000 Notes Payable 500,000 Accounts Payable 75,000 Common Stock 225,000 Retained Earnings 0 Sales Revenue 2,500,000 Cost of Goods Sold 750,000 Salaries and Wage Expense 500,000 Advertising Expense 100,000 Supplies Expense 30,000 3,300,000 3,300,000 Additional information is provided below: 1. Equipment was purchased and placed into use on August 1, 2020, the first day of Duck's operations. Equipment is depreciated based on a 10-year useful life (no salvage value). 2. Insurance of $25,000 expired during the year. TI d with 214 tett NT. Face value annual rate 1712= 500,000 * 3% 250 monthly interest *3 for 4. Salaries and wages of $17,000 were earned by not paid as of July 31. 5. Prepaid advertising of $10,000 was not used on July 31. 6. Office supplies of $25,000 were on hand on July 31. 6 7. Bad debt expense is estimated to be 15,000
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