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Journalize the following adjustments. (1) Services performed for customers through February 27, 2017, but unbilled and uncollected were $2,810. (2) Received notice that a customer
Journalize the following adjustments.
(1) | Services performed for customers through February 27, 2017, but unbilled and uncollected were $2,810. | |
(2) | Received notice that a customer who was billed $130 for services performed February 10 has filed for bankruptcy. Kingbird does not expect to collect any portion of this outstanding receivable. | |
(3) | Kingbird uses the allowance method to estimate bad debts. Kingbird estimates that 3% of its month-end receivables will not be collected. | |
(4) | Record 1 month of depreciation for the floor equipment. Use the straight-line method, an estimated life of 4 years, and $400 salvage value. | |
(5) | Record 1 month of insurance expense. | |
(6) | An inventory count shows $300 of supplies on hand at February 28. | |
(7) | One week of services were performed for the customer who paid in advance on February 17. | |
(8) | Accrue for wages owed through February 28, 2017. | |
(9) | Accrue for interest expense for 1 month. | |
(10) | Karen estimates a 20% income tax rate. (Hint: Prepare an income statement up to income before taxes to help with the income tax calculation.) |
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