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If someone can help me I would really appreciate it! Thank you!! :) Problem 3-8A Adjusting (annual) and subsequent cash journal entries L04 The following
If someone can help me I would really appreciate it! Thank you!! :)
Problem 3-8A Adjusting (annual) and subsequent cash journal entries L04 The following information concerns the adjusting entries to be recorded on November 30, 2023, for RaiLink's yearjust ended. a. The Ofce Supplies account started the year with a $3,900 balance. During 2023,the company purchased supplies at a cost of $23,900, which was added to the Office Supplies account. The inventory ofsupplies on hand at November 30 had a cost of $5,400. In. An analysis ofthe company's insurance policies provided these facts: Years of Policy Date of Purchase Coverage Total Cost 1 March 1, 2622 2 $ 3,599 2 March 1, 2923 3 19,689 3 July 1, 2623 1 2,799 "he total premium for each policy was paid in full at the purchase date, and the Prepaid Insurance account was debited forthe full cost. Appropriate aojiusting entries have been made to November 30, 2022. 1:. "he company has 15 employees who earn a total of $3,900 in salaries for every working day. They are paid each Wednesday for their work in the veeday workweek ending on the preceding Friday. All 15 employees worked November 23 to 27 inclusive. They will be paid salaries for five full days on Wednesday, December 2,2023. d. "he company purchased a building on July 1, 2023. The building cost $292,000 and is expected to have a $16,000 residual value at the end of its predicted 25year life. e. Because the company is not large enough to occupy the entire building, it arranged to rent some space to a tenant at $2,200 per month, starting on October 1, 2023. The rent was paid on time on October 1, and the amount received was credited to the Rent Revenue account. However, the tenant has not paid the November rent. The company has worked out an agreement with the tenant, who has promised to pay both November's and December's rent in full on December 15. 1. On October1, the company also rented space to anothertenant for $3,200 per month. The tenant paid five months' rent in advance on that date. The payment was recorded with a credit to the Unearned Rent account. Assume RaiLink uses the straightline method to depreciate its assets. For the ease of calculations, assume that Salaries for November 30 is not considered for accrual purposes. Required: 1. Use the information to prepare the annual adjusting entries as of November 30, 2023. [Do not round intermediate calculations. Round your nal answer to nearest whole dollar.) Required: 1. Use the information to prepare the annual adjusting entries as of November 30, 2023. [Do not round intermediate calculations. Round your nal answer to nearest whole dollar.) View transaction list Journal entry worksheet Record the cost of supplies used during the year. Note: Enter debits before credits. 2. Prepare journal entries to record the subsequent cash transactions in December 2023 described in parts (c) and (e). View transaction list Journal entry worksheet 2 > Record the payment of accrued salaries. Note: Enter debits before credits. Date General Journal Debit Credit Dec 02, 2023 Record entry Clear entry View general journalStep by Step Solution
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