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Help prepare journal entry, provide descriptions of each journal entry Cash 48,600 62,000 850 15,300 32,000 21,000 75,000 160,000 40,000 90,000 45,000 380,000 65,000 33,400

image text in transcribedimage text in transcribedHelp prepare journal entry, provide descriptions of each journal entry

Cash 48,600 62,000 850 15,300 32,000 21,000 75,000 160,000 40,000 90,000 45,000 380,000 65,000 33,400 9,250 Accounts Receivable Allowance for Doubtful Accounts Supplies Prepaid Insurance Prepaid Rent Land Buildings Accum. Depreciation-Bldgs. Equipment Accum. Depreciation-Equip. Goodwill Patents Accounts Payable Unearned Revenue Interest Payable Salaries and Wages Payable Mortgage Payable Common Stock ($1 par) Paid in Capital in Excess of par-CS Dividends Retained Earnings Income Summary Sales Revenue Supplies Expense Salaries and Wages Expense Maint. and Repairs Expense Advertising Expense Depreciation Expense Bad Debt Expense Utilities Expense Rent Expense Insurance Expense Interest Expense Totals 45,000 100,000 25,000 15,000 443,600 368,500 2,800 95,100 21,400 7,200 16,800 3,400 1,110,600 1,110,600 Not Income a) The company estimates uncollectible accounts using the '% of receivables' allowance method. As of June 30th, the company estimates that 5% of the accounts receivable balance is uncollectible. (HINT: Be sure to account for what is already in the Allowance account) b) Supplies on hand are determined to be $ 2,700 c) 40% of the Prepaid Insurance balance has expired as of June 30. d) The Prepaid Rent balance represents 6 months of rent expense. Those months include May through October 2020. Adjust accordingly for June 30. e) Depreciation of assets is recognized as follows for the year end: Buildings - $6,000 Equipment - $5,500 f) Invoices for utilities expenses of $875 have been received related to June. g) Employees working the last 3 business days of June will be paid in July. The daily expense for employee wages is $850. (Ignore payroll tax expenses) h) 40% of the unearned revenue has been earned as of June 30. i) The interest rate on the Mortgage Payable is 6%. Interest expense was last updated 12/31/19

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