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I have a few questions from my accounting class I would like help on. I will include pictures of all the information that is needed
I have a few questions from my accounting class I would like help on. I will include pictures of all the information that is needed to complete these questions.
4. Journalize and post the adjusting entries:
a) One month of insurance has expired.
b) Supplies on hand at the end of the month are $2000.
c) Accrued receptionist salary for the remainder of the month is $100.
d) One month of rent was used.
e) Unearned fees at the end of the month are $1500.
f) $2000 of fees needs to be accrued.
g) Calculate the interest for one month on the Note Payable using a 6% interest rate. (Use the note payable account and round to the nearest whole number)
h) Depreciation of office equipment for the month based on SL depreciation over 5 years. (Round to the nearest whole number)
i) Bad debt is 2% of sales for the month. (Round to the nearest whole number)
5. Prepare the adjusted trial balance for the end of the month.
6. Prepare an income statement, a statement of owner's equity, and a classified balance sheet for the end of the month.
7. Journalize and post the closing entries. (Income Summary is account #320 in the chart of accounts) Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry.
8. Prepare a post-closing trial balance for the end of the month.
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