{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-28T06:57:10-04:00", "answer_date": "2024-06-28 06:57:10", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4258617", "url": "\/study-help\/questions\/how-do-i-record-these-adjusting-entries-1-wages-owing-4258617", "question_creation_date_js": "2024-06-28T06:57:10-04:00", "question_creation_date": "Jun 28, 2024 06:57 AM", "meta_title": "[Solved] How do I record these adjusting entries? | SolutionInn", "meta_description": "Answer of - How do I record these adjusting entries? 1. Wages owing to all casuals on 30 June amounted to $1,620. 2. A physical co | SolutionInn", "meta_keywords": "record,adjusting,entries,1,wages,casuals,30,june,amounted,$1,620,2,physical", "question_title_h1": "How do I record these adjusting entries? 1. Wages owing to all casuals on 30 June amounted to $1,620. 2. A physical count showed that", "question_title": "How do I record these adjusting entries? 1. Wages owing to all", "question_title_for_js_snippet": "How do I record these adjusting entries 1 Wages owing to all casuals on 30 June amounted to $1,620 2 A physical count showed that only $860 of herbicide supplies and $750 of fuel and oil supplies were still on hand 3 Four weeks of advertisements had appeared in the local community newspaper up to 30 June 4 Paving services of $13,500 had been rendered to one of CPL major client on the last week of June but invoice has not been issued 5 The business had provided landscaping maintenance services to its local shopping centre client for 3 weeks of the first month (assumed to be 4 weeks long) 6 Utilities bills arrived late, totalling to $2,650, have not been paid or recorded 7 Interest accrued on the bank loan came to $1,200 Using this info Opening Balances Cash at Bank $16,800 Accounts Receivable $6,720 Supplies Herbicides $2,800 Supplies Fuel and Oil $1,200 Motor Vehicles $80,000 Accumulated Depreciation Motor Vehicle $16,000 Paving Equipment $30,800 Accumulated Depreciation Paving Equipment $12,320 Accounts Payable $3,500 Unearned Revenue $5,000 Bank Loan $20,000 Capital $20,000 Paving Revenue $91,500 Landscaping Revenue $61,100 Wages Expense $62,200 Utilities Expense $28,900 Journal Entries For the month Signed a lease agreement to lease a storage shed for a monthly rental of $2,600 Rent for 3 months was paid in advance Paid for insurance premium $4,200, period of cover from 1 Jun 20 till 31 May 21 Acquired a chipper and stump grinder equipment for a total cost of $40,320 A deposit of $8,500 was paid immediately and the balance was to be paid in 60 days The equipment was expected to have a useful life of 6 years Purchased a quantity of herbicide supplies for $1060 cash Purchased fuel and oil supplies for $1740 cash Signed a contract with Community Newspapers for 12 weeks of advertisements in its weekly free newspaper delivered to local homes The business paid $1,800 in advance for these advertisements Received cash of $1,800 from a grateful client on a small paving job completed by CPL before the open inspection for sale Received cash of $2800 for several lawns that had been mowed for clients during the week Signed a contract with the local shopping centre to provide landscaping maintenance services to its outdoor eating area for a monthly fee of $3200 The shopping centre paid for 2 months' services in advance Received payment of $3,000 for landscaping services provided to clients during the past week Paid casual wages of $4,540 for services provided to the business during the past fortnight Earned $7,600 for paving services provided to client (of which $5,000 deposit was paid back in May) and balance owing collected this week Also, earned $2,790 for landscaping during the past week All money was received in cash except for one client for mowing services, who arranged to pay $300, in 3 weeks' time for services rendered Paid casual wages $3,670 for services provided to the business during the past fortnight Owner withdrew $4,000 in cash from the business in order to pay for the son's private school fees ", "question_description": "

How do I record these adjusting entries? <\/strong><\/p>

1. Wages owing to all casuals on 30 June amounted to $1,620.<\/strong><\/p>

2. A physical count showed that only $860 of herbicide supplies and $750 of fuel and oil supplies were still on hand. <\/strong><\/p>

3. Four weeks of advertisements had appeared in the local community newspaper up to 30 June. <\/strong><\/p>

4. Paving services of $13,500 had been rendered to one of CPL major client on the last week of June but invoice has not been issued. <\/strong><\/p>

5. The business had provided landscaping maintenance services to its local shopping centre client for 3 weeks of the first month (assumed to be 4 weeks long). <\/strong><\/p>

6. Utilities bills arrived late, totalling to $2,650, have not been paid or recorded. <\/strong><\/p>

7. Interest accrued on the bank loan came to $1,200.<\/strong><\/p>

<\/p>

Using this info-<\/p>

Opening Balances:<\/em><\/p>

Cash at Bank $16,800<\/em><\/p>

Accounts Receivable $6,720<\/em><\/p>

Supplies - Herbicides $2,800<\/em><\/p>

Supplies - Fuel and Oil $1,200<\/em><\/p>

Motor Vehicles $80,000<\/em><\/p>

Accumulated Depreciation - Motor Vehicle $16,000 *<\/em><\/p>

Paving Equipment - $30,800<\/em><\/p>

Accumulated Depreciation - Paving Equipment $12,320 **<\/em><\/p>

Accounts Payable $3,500<\/em><\/p>

Unearned Revenue $5,000<\/em><\/p>

Bank Loan $20,000<\/em><\/p>

Capital $20,000<\/em><\/p>

Paving Revenue $91,500<\/em><\/p>

Landscaping Revenue $61,100<\/em><\/p>

Wages Expense $62,200<\/em><\/p>

Utilities Expense $28,900<\/em><\/p>

<\/p>

Journal Entries For the month:<\/em><\/p>

  1. Signed a lease agreement to lease a storage shed for a monthly rental of $2,600. Rent for 3 months was paid in advance<\/em><\/li>
  2. Paid for insurance premium $4,200, period of cover from 1 Jun 20 till 31 May 21.<\/em><\/li>
  3. Acquired a chipper and stump grinder equipment for a total cost of $40,320. A deposit of $8,500 was paid immediately and the balance was to be paid in 60 days. The equipment was expected to have a useful life of 6 years.<\/em><\/li>
  4. Purchased a quantity of herbicide supplies for $1060 cash. Purchased fuel and oil supplies for $1740 cash.<\/em><\/li>
  5. Signed a contract with Community Newspapers for 12 weeks of advertisements in its weekly free newspaper delivered to local homes. The business paid $1,800 in advance for these advertisements.<\/em><\/li>
  6. Received cash of $1,800 from a grateful client on a small paving job completed by CPL before the open inspection for sale. Received cash of $2800 for several lawns that had been mowed for clients during the week.<\/em><\/li>
  7. Signed a contract with the local shopping centre to provide landscaping maintenance services to its outdoor eating area for a monthly fee of $3200. The shopping centre paid for 2 months' services in advance.<\/em><\/li>
  8. Received payment of $3,000 for landscaping services provided to clients during the past week.<\/em><\/li>
  9. Paid casual wages of $4,540 for services provided to the business during the past fortnight.<\/em><\/li>
  10. Earned $7,600 for paving services provided to client (of which $5,000 deposit was paid back in May) and balance owing collected this week. Also, earned $2,790 for landscaping during the past week. All money was received in cash except for one client for mowing services, who arranged to pay $300, in 3 weeks' time for services rendered.<\/em><\/li>
  11. Paid casual wages $3,670 for services provided to the business during the past fortnight<\/em><\/li>
  12. Owner withdrew $4,000 in cash from the business in order to pay for the son's private school fees.<\/em><\/li> <\/ol>", "transcribed_text": "", "related_book": { "title": "Auditing Cases An Active Learning Approach", "isbn": "0130674842, 978-0130674845", "edition": "2nd Edition", "authors": "Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/64ed8a8041add_6938.jpg", "uri": "\/textbooks\/abnormal-psychology-clinical-perspectives-on-psychological-disorders-1st-edition-9781266566899", "see_more_uri": "" }, "free_related_book": { "isbn": "1137335785", "uri": "\/textbooks\/consistency-and-viability-of-islamic-economic-systems-and-the-transition-process-1st-edition-978-1137335784-282230", "name": "Consistency And Viability Of Islamic Economic Systems And The Transition Process", "edition": "1st Edition" }, "question_posted": "2024-06-28 06:57:10", "see_more_questions_link": "\/study-help\/questions\/business-corporate-finance-2020-July-01", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/what-are-the-major-differences-in-the-auditors-report-for", "description": "What are the major differences in the auditors report for nonpublic and public entities?", "stars": 3 }, { "url": "\/study-help\/psychology\/1-understand-why-a-psychological-analysis-of-interpersonal-violence-is-1982440", "description": "1. 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