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Help please! E4-9 Recording Seven Typical Adjusting Entries L04-1 John's Boat Yard Inc. repairs, stores, and cleans boats for customers. It is completing the accounting
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E4-9 Recording Seven Typical Adjusting Entries L04-1 John's Boat Yard Inc. repairs, stores, and cleans boats for customers. It is completing the accounting process for the year just ended on November 30. The transactions for the past year have been journalized and posted. The following data with respect to adjusting entries at year-end are available: a. John's winterized (cleaned and covered) three boats for customers at the end of November but did not b. On October 1, John's paid $2,200 to the local newspaper for an advertisement to run every Thursday c. John's borrowed $300,000 at an 11 percent annual interest rate on April 1 of the current year to d. The Johnson family paid John's $4,500 on November 1 to store its sailboat for the winter until e. John's used boat-lifting equipment that cost $180,000; $18,000 was the estimated depreciation for the f. Boat repair supplies on hand at the beginning of the current year totaled $18,900. Repair supplies . Wages of $5,600 earned by employees during November were unpaid and unrecorded at November record the service for $3,300. for 12 weeks. All ads have been run except for three Thursdays in December to complete the 12-week contract. expand its boat storage facility. The loan requires John's to pay the interest quarterly until the note is repaid in three years. John's paid quarterly interest on July 1 and October 1. May 1 of the next fiscal year. John's credited the full amount to Unearned Storage Revenue on November 1. current year purchased and debited to Supplies during the year amounted to $45,200. The year-end count showed $15,600 of the supplies on hand. 30. The next payroll date will be December 5 of the next fiscal year Step by Step Solution
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