Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Jordan Company's annual accounting year ends on December 31. It is now December 31, 2018, and all of the 2018 entries have been made except

image text in transcribed
image text in transcribed
image text in transcribed
Jordan Company's annual accounting year ends on December 31. It is now December 31, 2018, and all of the 2018 entries have been made except for the following a. The company owes interest of $860 on a bank loan. The interest will be paid when the loan is repaid on September 30, 2019. No interest has been recorded b. On September 1, 2018, Jordan collected six months' rent of $7.200 on storage space. At that date, Jordan debited Cash and credited Deferred Revenue for $7,200. c. The company earned service revenue of $4,100 on a special job that was completed December 29, 2018. d. On November 1,2018, Jordan paid a one-year premium for property insurance of $5.160, for coverage e. At December 31, 2018, wages earned by employees but not yet paid totaled $1,900. The employees will be f Depreciation of $1,800 must be recognized on a service truck purchased this year llection will be made during January 2019. No entry has been recorded. starting on that date. paid on the next payroll date, January 15, 2019 20%. Compute and record income tax experte Cash was credited and Prepaid Insurance was debited for this amount. g. The income after all adjustments other than income taxes was $38000. The company's income tax rate is Required Determine the accounting equation effects of each required adjustment. TIP: The first transaction is done for you as an example. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) Next > K Prev 5 of 9E 2 88s 8 7 8 5 6

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

Auditing Algorithms Understanding Algorithmic Systems From The Outside In Foundations And Trends

Authors: Danaƫ Metaxa, Joon Sung Park, Ronald E Robertson, Karrie Karahalios, Christo Wilson, Jeff Hancock, Christian Sandvig

1st Edition

1680839160, 978-1680839166

More Books

Students also viewed these Accounting questions