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I was wondering if someone could help me? I have completed 1a with the recording of the transactions. But I am stuck on the depreciation
I was wondering if someone could help me? I have completed 1a with the recording of the transactions. But I am stuck on the depreciation expense for both laptop and printer. Also, if someone could help me out with the closing entries. I would really appreciate it. Thank you!!
Required 1-a. Prepare journal entries for the May transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet X No Date General Journal Debit Credit 1 May 02, 2023 Cash 7,100 Laptop 828 Emily Lee, capital 7,928 2 May 03, 2023 Supplies 560 Cash 560 3 May 04, 2023 Printer 288 Accounts payable 288 4 May 05, 2023 Prepaid insurance 1,380 Cash 1.380 5 May 06, 2023 Emily Lee, withdrawals 201 Cash 201 6 May 08, 2023 No journal entry required 7 May 10, 2023 Cash 2,100 Unearned revenue 2, 100 8 May 15, 2023 Cash 810 Tour revenue 810 9 May 25, 2023 Unearned revenue 1,100 Tour revenue 1, 1001-b. Prepare the adjusting entries. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 May 31, 2023 Depreciation expense, laptop Accumulated depreciation, laptop 2 May 31, 2023 Depreciation expense, printer Accumulated depreciation, printer 3 May 31, 2023 Supplies expense 440 Supplies 440 4 May 31, 2023 Insurance expense 115 Prepaid insurance 115 5 May 31, 2023 Wages expense 770 Wages payable 7701-c. Prepare the closing entries. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 May 31, 2023 Tour revenue Income summary 2 May 31, 2023 Income summary Depreciation expense, laptop Depreciation expense, printer Supplies expense Insurance expense Wages expense 3 May 31, 2023 Income summary Emily Lee, capital 4 May 31, 2023 Emily Lee, capital Emily Lee, withdrawalsExercise 4-17 Complete accounting cycle (monthly) L01, 2, 4, 5 Emily Lee grew up in Vancouver and loves to be a tourist in her own city. In order to make money to pay for university, she opened a walking tour company, Very Vancouver. The following are transactions for the month of May 2023, the rst month 01 operations. 3 m H: [u Emily moved $2,166 from her personal bank account to a business bank account at TD Bank. She also invested a laptop worth $828 into the business. May 3 Purchased supplies, including a microphone, and brochures for $666 cash. May 4 Purchased a printer for $288 on account. May 5 Purchased a oneyear insurance policy for $1,386 cash. May 6 Emily withdrew $261 for a Mother's Day gift. May 8 Interviewed and hired one employee to assist with leading tours. May 16 Emily launched a social media campaign of Very Vancouver on Facebook. As a resultJ she received $2,166 of cash For future tour bookings. May 15 Led three tours of Stanley Park and received $816 cash. May 25 Led four tours of Granville Island, For $1,166. The customers on this tour had prepaid on May 16. The following information is known at May 31, 2023. - "he laptop has an estimated life ofthree years. . "he printer has an estimated life ofthree years. - "here are $220 of supplies that are not used. . A portion of the insurance policy has expired. - Wages of $770 were unpaid and unrecordedStep by Step Solution
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