John's Bont Yard, Inc., repairs, stores and dears bouts for customers. It is completing the accounting process for the year just ended on November 30. The transactions for the past you have been journalized and posted. The following data with respect to adjusting entries at year-end are available: John's wintertred (cleaned and covered) three boats for customers at the end of November, but did not record the service for $3,700 b. On October 1, John's paid $1.580 to the local newspaper for an advertisemen to run every Thursday for 12 weeks. Al ads have been run except for three Thursdays in December to c. John's borrowed $22.000 at a 11 percent annual interest rate on April 1 of the current year to expand its boat storage facility. The loan requires John's to pay the interest raty . The Johnson family paid John's S4,080 on November 1 to store ts salboat for the winter unti May 1 of the next fiscal year. John's credited the full amount to Uneamed Storage Revenue on November 1 e. John's used boat-ting equipment that cost $260,000 $26,000 was the estimated depreciation for the current year . Baat regar supplies on hand at the beginning of the current year totaled $17,800. Repar supplies purchased and debited to Supplles during the year amounted to 545,900. The Wages of S4 400 earned by employees during November were unpaid and unrecorded at November 30. The next payroll date will be December 5 of the next fecal you Required: For each of the transactions above, indicate the amount and direction of effects of the adjusting entry on the elements of the balance sheet and income statement. Using the table below for Balance Sheet Transaction Asset Liabilities Stockholders Equity Income Statement Revenues Expenses Net Income d. e 9 John's Bont Yard, Inc., repairs, stores and dears bouts for customers. It is completing the accounting process for the year just ended on November 30. The transactions for the past you have been journalized and posted. The following data with respect to adjusting entries at year-end are available: John's wintertred (cleaned and covered) three boats for customers at the end of November, but did not record the service for $3,700 b. On October 1, John's paid $1.580 to the local newspaper for an advertisemen to run every Thursday for 12 weeks. Al ads have been run except for three Thursdays in December to c. John's borrowed $22.000 at a 11 percent annual interest rate on April 1 of the current year to expand its boat storage facility. The loan requires John's to pay the interest raty . The Johnson family paid John's S4,080 on November 1 to store ts salboat for the winter unti May 1 of the next fiscal year. John's credited the full amount to Uneamed Storage Revenue on November 1 e. John's used boat-ting equipment that cost $260,000 $26,000 was the estimated depreciation for the current year . Baat regar supplies on hand at the beginning of the current year totaled $17,800. Repar supplies purchased and debited to Supplles during the year amounted to 545,900. The Wages of S4 400 earned by employees during November were unpaid and unrecorded at November 30. The next payroll date will be December 5 of the next fecal you Required: For each of the transactions above, indicate the amount and direction of effects of the adjusting entry on the elements of the balance sheet and income statement. Using the table below for Balance Sheet Transaction Asset Liabilities Stockholders Equity Income Statement Revenues Expenses Net Income d. e 9
