Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hi can you help me make adjusted journal entry for transaction required at June 30 2019 Qu estion 3 Chris's Florist Shop records all prepaid

image text in transcribed

Hi can you help me make adjusted journal entry for transaction required at June 30 2019

image text in transcribed

Qu estion 3 Chris's Florist Shop records all prepaid costs as assets and all revenue collected in advance as liabilities, and makes adjustments only at its fiscal year end, which is June 30. All of Chris's purchases are for cash unless stated otherwise. The following information relates to Chris's June 30, 2019year end, its firstyear of operations. A. On July 2, 2018, Chris purchased new equipmentfor $9,000. The equipmentis expected to have a useful life of 8years and no residual value. B. On August 1, 2018 a one-year insurance policy was purchased for $2,480 C. On February 1, 2019 a corporate customer paid $3,120 as full payment fora one-year contractfor fresh flowers to be delivered to its offices every M onday morning. At June 30, 21 of the required 52 deliveries had been completed. D. On July2, 2018 Chris purchased enough cleaning and office supplies to last the entire first year of operations for $3,680. At June 30, 2019, Chris counted the supplies on hand and calculated the cost, which amounted to $720. E. Chris pays her store assistant on alternate Fridays. The last pay day in June was June 20 and the first pay day after year end is July 4. The assistant worked 30 hours during this period, of which 20 were in July, and the restin June. The assistant earns $15.00 an hour.

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

Financial Accounting

Authors: Jeffrey Waybright, Robert Kemp, Sherif Elbarrad

2nd Canadian edition

133375536, 9780133845396, 133845397, 978-0133375534

More Books

Students also viewed these Accounting questions

Question

Always show respect for the other person or persons.

Answered: 1 week ago