Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

in Progress Your answer is partially correct The ledger of Pina Colada Corp on July 31, 2022. Includes the selected accounts below before adjusting entries

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
in Progress Your answer is partially correct The ledger of Pina Colada Corp on July 31, 2022. Includes the selected accounts below before adjusting entries have been prepared Debit Credit Investment in Note Receivable $18.000 Supplies 22.500 Prepaid Rent 5.400 Buildings Accumulated Depreciation-Berdings 210.000 $135.000 Urared Service Revenue 11 100 Arany of the compaccount shows the following The thote An analysis of the company's accounts shows the following 2.79/3 1 2. 3. The investment in the notes receivable earns interest at a rate of 12% per year, Supplies on hand at the end of the month totaled $17,600. The balance in Prepaid Rent represents 4 months of rent costs Employees were owed $2.800 related to unpaid salaries and wages Depreciation on buildings is 56,360 per year During the month, the company satished obligations worth $4.500 related to the Unearned Services Revenue. Unpaid maintenance and repairs costs were $2.100 5. 6. 7 Prepare the adjusting entries at July 31 assuring that adjusting entries are made monthly. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation July Debit 31 Interest Receivable Credit Interest Revenue No. Date Account Titles and Explanation 2.7973 1 July 31 Interest Receivable Debit Credit 180 Interest Revenue 2 July 31 Supplies Expense 180 4900 Supplies 3 July 31 Rent Expense 4000 1350 Prepaid Rent 4 July 31 Salaries and Wacos Expense 00 Sataries and Waga Payable July 31 Depreciation Expo 30 Accumulated G E) M 2.79 3 Prepaid Rent 1350 ly 31 Salaries and Wages Expense 2800 Salaries and Wages Payable 2800 uly 31 Depreciation Expense 6360 Accumulated Depreciation Buildings 6360 Lily 31 Unearned Service Revenue 4500 Service Revenue 4500 uly 31 Maintenance and Repairs Expense 2100 Property Taxos Payable 2100

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

Accounting Principles

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

13th edition

978-1-119-4110, 1119411483, 9781119411017, 978-1119411482

More Books

Students also viewed these Accounting questions