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Just the ticket, Inc. adjusts it accounts at the end of each month. Following information is given for the adjusting entries required at March 31:
Just the ticket, Inc. adjusts it accounts at the end of each month. Following information is given for the adjusting entries required at March 31: a. Depreciation of the furniture is based on estimated useful life of four years. The furniture was purchased several years ago at a cost of $24,000. b.The company pays employees each Friday. The daily payroll is $1,000. March 31 falls on a Monday. c. On March 1, the company renewed its rental agreement paying $4,000 cash for eight months' rent in advance. d.On February 1, $6,000 was collected in advance for six months from a group of customers and the amount was credited to unearned revenue account. e.Invoices representing $8,000 of services performed during the month have not been recorded as of March 31. f. Purchased supplies on account, $900. 2/3 of the supplies were estimated to be used in the month March. Required: Prepare necessary adjusting entries as of March 31 adjusting entries account title date harch 31 a Tarch 31 b narch 31 c arch 31 d harch 31 e narch 31 f
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