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I need help filing this question out, and if you could please show how you get the answers. thank you Record adjusting journal entries for
I need help filing this question out, and if you could please show how you get the answers. thank you
Record adjusting journal entries for each separate case below for year ended December 31. Assume no other adjusting entries are made during the year. a. Salaries Payable. At year-end, salaries expense of $17,000 has been incurred by the company, but is not yet paid to employees b. Interest Payable. At its December 31 year-end, the company owes $325 of interest on a loan. That interest will not be paid until sometime in January of the next year. c. Interest Payable. At its December 31 year-end, the company holds a mortgage payable that has incurred $950 in annual interes that is neither recorded nor paid. The company intends to pay the interest on January 7 of the next year. a. Accumulated Depreciation: The Krug Company's Accumulated Depreciation account has a $17,000 balance to start the year. A review of depreciation schedules reveals that $325 of depreciation expense must be recorded for the year. Accumulated depreciation Step 1: Determine what the current account balance equals. Credit Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Depreciation expense Accumulated depreciation b. Accumulated Depreciation: The company has only one plant asset (truck) that it purchased at the start of this year. That asset had cost $950, had an estimated life of five years, and is expected to have zero value at the end of the five years. The company uses straight line depreciation method to calculate its depreciation. Accumulated depreciation -Truck Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Credit Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Depreciation expenseTruck Accumulated depreciationTruck c. Accumulated Depreciation: The company has only one plant asset (equipment) that it purchased at the start of this year. That asset had cost $325, had an estimated life of seven years, and is expected to be valued at $950 at the end of the seven years. The company uses straight line depreciation method to calculate its depreciation. Accumulated depreciation -Equipment Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Credit Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Depreciation expense-Equipment Accumulated depreciationEquipmentStep by Step Solution
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