Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need this assignment on 1 October, 2021 . it's very important for me. thanks Question 1 (20 marks) Costanza Enterprises Ltd. has a year-end

image text in transcribed

image text in transcribed

I need this assignment on 1 October, 2021 . it's very important for me. thanks

Question 1 (20 marks) Costanza Enterprises Ltd. has a year-end of December 31st Using the information and the template for journal entries below, prepare the adjusting journal entries for the following transactions. No explanations are required. 1) The company paid 3 month's rent in advance on November 1, 2020; total amount paid was $5,100. 2) On September 1st, the company purchased a one-year insurance policy for $6,000. 3) The company purchased $2,500 in supplies at the beginning of the year and had $650 worth of supplies on hand at the end of the year. 4) The company owes $320 in interest expense for a loan taken earlier in the year; the company has not yet recorded or paid the interest. 5) Services performed but unbilled and uncollected from customers at year-end is $7,000. 6) At the end of the year, wages that have not yet been paid or recorded are $9,520. 7) The company received $1,700 from a customer in advance on October 1st; by December 31st the company has completed the 50% of the service for the customer. 8) Depreciation on equipment for the year is $5,800, which has not been recorded. 9) The company had advertising costs of $1,300 during December which the company has not recorded. The company also has not received an invoice from the vendor

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

Step: 3

blur-text-image

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

More Books

Students also viewed these Accounting questions

Question

Exude confidence, not arrogance.

Answered: 1 week ago