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if someone could help me and explain I would really appreciate it!! :) Assume RaiLink uses the straightline method to depreciate its assets. For the
if someone could help me and explain I would really appreciate it!! :)
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 final 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. Nov 30: 2023 Record a... m View mm. m... 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 journalProblem 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 Office Supplies account started the year with a $4.900 balance. During 2023, the company purchased supplies at a cost of $24,900, which was added to the Office Supplies account The inventory ofsupplies on hand at November 30 had a cost of $6.400. b. An analysis of the company's insurance policies provided these facts: Years of Policy Date of Purchase Coverage Total Cost 1 March 1, 2622 2 $ 6,006 2 March 1, 2623 3 22,636 3 July 1) 2023 1 3,906 The total premium for each policy was paid in full at the purchase date, and the Prepaid Insurance account was debited for the full cost. Appropriate adjusting entries have been made to November 30, 2022. c. The company has 15 employees who earn a total of $4,900 in salaries for every working day. They are paid each Wednesday for their work in the five-day workweek ending on the preceding Friday. All i5 employees worked November 23 to 27 inclusive. They will be paid salaries forfive full days on Wednesday. December 2. 2023. d. The company purchased a building on July 1. 2023. The building cost $302000 and is expected to have a $26,000 residual value at the end of its predicted 25-year life. e. Because the company ls not large enough to occupy the entire building. it arranged to rent some space to a tenant at $3.200 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 i5. f. On October i, the company also rented space to another tenant for $3,700 per month. The tenant paid five months' rent in advance on that date. The payment was recorded with a credit to the Unearned Rent accountStep by Step Solution
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