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I need the adjusting entries 31. December 24: Sassy Shaterica paid off the balance due from Harley & Charley Davidson's Pit Palace. 32. December 26:
I need the adjusting entries
31. December 24: Sassy Shaterica paid off the balance due from Harley \& Charley Davidson's Pit Palace. 32. December 26: Sassy Shaterica paid her employees the salaries owed. 33. December 30: Willow's Windows paid her balance off for the shutters and sheds she purchased. Adjustments On December 31 , you notice the following: a) You have $377 worth of supplies on hand b) You need to recognize insurance used up c) You need to recognize depreciation on the building d) You need to recognize depreciation on the shutterer machine e) You need to recognize interest accumulated on the 3 bank loans (do in one transaction) f) You have accrued salaries of $651 g) You need to recognize depreciation on the shedding machine h) You need to recognize/accrue federal income taxes of $299,221. The Accounting Cycle 1. Analyze business transactions 2. Journalize the transactions 3. Post to ledger accounts 4. Prepare a trial balance 5. Joumalize and post adjusting entries 6. Prepare an adjusted irial balance 7. Prepare the financial statements ( 1/S, Stmt of RE, B/S) 8. Joumalize and post closing entries 9. Prepare a post-closing trial balance 31. December 24: Sassy Shaterica paid off the balance due from Harley \& Charley Davidson's Pit Palace. 32. December 26: Sassy Shaterica paid her employees the salaries owed. 33. December 30: Willow's Windows paid her balance off for the shutters and sheds she purchased. Adjustments On December 31 , you notice the following: a) You have $377 worth of supplies on hand b) You need to recognize insurance used up c) You need to recognize depreciation on the building d) You need to recognize depreciation on the shutterer machine e) You need to recognize interest accumulated on the 3 bank loans (do in one transaction) f) You have accrued salaries of $651 g) You need to recognize depreciation on the shedding machine h) You need to recognize/accrue federal income taxes of $299,221. The Accounting Cycle 1. Analyze business transactions 2. Journalize the transactions 3. Post to ledger accounts 4. Prepare a trial balance 5. Joumalize and post adjusting entries 6. Prepare an adjusted irial balance 7. Prepare the financial statements ( 1/S, Stmt of RE, B/S) 8. Joumalize and post closing entries 9. Prepare a post-closing trial balanceStep by Step Solution
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