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KQuestions 21 -122 (of 22) CP4-2 Analyzing and Recording Adjusting Journal Entries [LO 4-1. LO 4-2] The following information applies to the questions displayed below
KQuestions 21 -122 (of 22) CP4-2 Analyzing and Recording Adjusting Journal Entries [LO 4-1. LO 4-2] The following information applies to the questions displayed below Jordan Company's annual accounting year ends on December 31 t is now December 31,2015, and all of the 2015 entries have been made except for the following: a. The company owes interest of $760 on a bank loan. The interest will be pald when the loan is repaid on b. On September 1. 2015, Jordan collected six months rent of $$.160 on storage space. At that date, Jordan c. The company earned service revenue of $3,900 on a special job that was completed December 29, 2015. d. On November 1 2015, Jordan paid a one-year premium for property insurance of $4.560, for coverage e. At December 31, 2015. wages earned by employees but not yet paid totaled $1100. The employees will f Depreciation of $1.000 must be recognized on a service truck purchased this year. September 30, 2016. No interest has been recorded. debited Cash and credited Unearned Revenue for $5160. Collection will be made during January 2016. No entry has been recorded starting on that date. Cash was credited and Prepaid Insurance was debited for this amount be paid on the next payroll date, January 15. 2016. 30%. Compute and record income tax expense. g. The income after all adjustments other than income taxes was $30,600. The company's income tax rate is References CP4-2 Anelyzing and Recording Adjusting Journal Entries (L0 4-1. LO 4-2 Section Break
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