Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

journel enteries 1) Revenue from skateboards delivered but not yet collected amounted to $24,560 2) The store furnishing equipment was purchased at the beginning of

journel enteries
image text in transcribed
1) Revenue from skateboards delivered but not yet collected amounted to $24,560 2) The store furnishing equipment was purchased at the beginning of October 2020 and has an estimated five year useful life. The company uses straight line depreciation. 3) Supplies on hand on September 30 were $2,260, 4) Rent payments included a $1,370 per month rental fee and a $1.960 deposit that is refundable at the end of the two year lease (September 30, 2023). 5) The insurance was purchased on February I for a one year period expiring January 30, 2022 6) Salaries earned for the last four days in September and to be paid in October 2021 amounted to $3,950. 7) Atyear end, it was determined that an additional $9,500 is owed for income tax 8) Inventory on hand on September 30 was $20,000. The company uses a perpetualinventory system

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

Audit And Assurance Q And A 2016

Authors: ACA Simplified

1st Edition

1523200464, 978-1523200467

More Books

Students also viewed these Accounting questions