Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

jornalized the following adjustment in the journal page? Joutrafize the following adjustrmonts in the jourral page below. Use explanations for the transactions and leave a

jornalized the following adjustment in the journal page?
image text in transcribed
Joutrafize the following adjustrmonts in the jourral page below. Use explanations for the transactions and leave a space between each transaction. These ate eight (b) separafe traisactions. Do not assume that they relate to one another of are for the same. company. These companies make adjustments MONTHLY except for Iransaction WB which is for a six month period. 1. The supplies assut account balance December 31 st was $4,000, In the supply storeroom, if was determined through a count that only 52,750 7. An insurance policy hought on August 1st, 2014 for 56,000 was to last for four (4) yeark. What was the adjusting journal entry for May 31st, 2 3. Employees are paid $7,400 every two (Z) weeks. Make the adjusting entry for Jline 30th if the last payday was June 23 ard. 4. On May 25 th the Senior Accountant informs you that approximately th of all sales on account this month will likely not be collected. On May 5. On December 31, the Accounting Manager decides that all uncollectable accounts should be written off and removed from the accounts rece 6. Machinery purchased January 1 st, 2015 for 549,000 was expected to last for 40 years and would be worth 51,000 at that time. The company is 7. Office Equipment purchased for 530,000 January 1st, 2015 is amortized at the rate of 20% per year. The accumulated amortizaticn up to this F 8. A truck purchased for 520,000 has accumulated amortization of 56,000 on January 1 st and is amortized at a rate. of 10%. What's the entry for i Joutrafize the following adjustrmonts in the jourral page below. Use explanations for the transactions and leave a space between each transaction. These ate eight (b) separafe traisactions. Do not assume that they relate to one another of are for the same. company. These companies make adjustments MONTHLY except for Iransaction WB which is for a six month period. 1. The supplies assut account balance December 31 st was $4,000, In the supply storeroom, if was determined through a count that only 52,750 7. An insurance policy hought on August 1st, 2014 for 56,000 was to last for four (4) yeark. What was the adjusting journal entry for May 31st, 2 3. Employees are paid $7,400 every two (Z) weeks. Make the adjusting entry for Jline 30th if the last payday was June 23 ard. 4. On May 25 th the Senior Accountant informs you that approximately th of all sales on account this month will likely not be collected. On May 5. On December 31, the Accounting Manager decides that all uncollectable accounts should be written off and removed from the accounts rece 6. Machinery purchased January 1 st, 2015 for 549,000 was expected to last for 40 years and would be worth 51,000 at that time. The company is 7. Office Equipment purchased for 530,000 January 1st, 2015 is amortized at the rate of 20% per year. The accumulated amortizaticn up to this F 8. A truck purchased for 520,000 has accumulated amortization of 56,000 on January 1 st and is amortized at a rate. of 10%. What's the entry for

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

Food And Beverage Cost Control

Authors: Lea R. Dopson, David K. Hayes

6th Edition

1118988493, 978-1118988497

More Books

Students also viewed these Accounting questions

Question

=+Identify trends in the social media industry

Answered: 1 week ago