Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help creating a general journal monh bylense - Equipment D 200- A cumulated Depricrating Additional Information Equipment: CR. 80 0 9 650 The

I need help creating a general journal

image text in transcribed
monh bylense - Equipment D 200- A cumulated Depricrating Additional Information Equipment: CR. 80 0 9 650 The $48,000.00 beginning balance in the Equipment account relates to the mowing equipment yearly which was purchased on January 2, 2020. For information related to this mowing equipment 48, 080 see Page 70 in the Solid Footing text (PDF 07 - Intro to Adjusting Entries). This equipment continues to be used and should be depreciated for the month of July 5 800, month! The following information relates to the new equipment which was purchased on July 1, 2021: The new equipment was placed into service on July 1, 2021 and should be depreciated Depreciation. for the month of July. The estimated useful life of the new equipment is 5 years. At the end of 5 years, the new equipment will have no future value and will be scrapped. The new equipment will be depreciated using the straight-line method Supplies: At the end of July there are $24,200.00 supplies on-hand SUREx Penses (24, 210 )supplies / CR. 24,800 Mowing Service Account, node DR servicezeverve at the University: The monthly mowing service was provided to the university per the contract signed on April 1, 2021. ce . For information on the contract with the university and the related advance payment, see Pages 95 and 98 in the Solid Footing text (PDF 08 - Adjusting Entries Continued). Wages Due wages t Hensed 2 6205 blues royalole or cush 3, 305 the Employees: The last wage payment was made to the employees on July 28, 2021. The employees worked on July 29, 30, and 31. For these three days of work the employees earned $3,325.00 of wages. These three days of wages will be paid to the workers during the first week of August. Bank Loan: The interest on the loan from 1st Bank will be paid every three months. The first interest payment to the bank will be made on September 30, 2021. Lenny's calls the bank on July 31 and the bank indicates that the interest on the loan for July is $880.00. * interest Expense 8:80 Interes pouble (2640) 880 (a640 )

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_2

Step: 3

blur-text-image_3

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

Accounting Tools For Business Decision Making

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

7th Edition

1-119-57105-6, 978-1119571056

More Books

Students also viewed these Accounting questions