Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Help me please with these adjusting entries US Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Co Help | System Announcements Debit Credit S Cash $223,000

Help me please with these adjusting entries

image text in transcribedimage text in transcribed
US Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Co Help | System Announcements Debit Credit S Cash $223,000 Notes Receivable 23,000 Accounts Receivable 23,000 Inventory, 12/31/16 49,000 Prepaid Insurance 4,000 Prepaid Rent 9,100 ady Supplies 3,200 Land 28,000 Equipment 87,000 Accumulated Depreciation - Equipment $17,400 Accounts Payable 27,000 Unearned Rent Revenue 11,900 Mortgage Payable (due 2019) 74,000 Owner's Capital 127,400 Owner's Drawings 4,600 Sales Revenue 280,000 Sales Returns and Allowances 1,900 Sales Discounts 1,900 Purchases 52,000 Purchases Returns and Allowances 800 Purchases Discounts 1,300 Freight-in 3,100 Rent Expense 20,100 Salaries and Wages Expense 18,000 Utilities Expense 2,800 Advertising Expense 2,000 Interest Expense 2,300 Interest Revenue Rent Revenue 15,500 Totals 2,700 $558,000 $558,000 The company uses the periodic inventory system. In addition, the following year-end informThe company uses the periodic inventory system. In addition, the following year-end information 1 . Inventory taken on 12/31/17 was $43,000. 2. Depreciation on equipment was $8,700. 3. Unpaid accrued salaries were $2,900. 4. Unexpired rent amounted to $2,400. 5. Supplies on hand were $1,800. 6. Accrued sales revenue on 12/31/17 was $3,400. 7. Expired insurance amounted to $1,900. 8. Interest on the company's notes receivable at year-end amounted to $500. 9. Unearned rent revenue earned at year-end amounted to $4,300

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Payroll Accounting

Authors: Bernard J Bieg, Judith A Toland

24th Edition

1285437063, 9781285437064

More Books

Students also viewed these Accounting questions

Question

2. I try to be as logical as possible

Answered: 1 week ago