Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Magaly's Adventure opened for business on January 1, 2022. its balance before adjustment on April 30,2022 , is as follows. Adjusting entries: 1. A count

image text in transcribed
Magaly's Adventure opened for business on January 1, 2022. its balance before adjustment on April 30,2022 , is as follows. Adjusting entries: 1. A count on April 30, 2022, shows $1,500 of supplies were used. 2. Annual depreciation of the equipment is $1,850 and for machinery is $2,250. 3. Insurance expires $107 per month. 4. Salaries of $1,275 were not paid on April 30, 2022. 5. Unearned service revenue of $5,000 was earned by April 30, 2022. 6. The company signed a 9 month notes payable in the amount of 20,000 on February 1. The note requires to pay interest at an annual rate of 5%. Magaly's Adventure opened for business on January 1, 2022. its balance before adjustment on April 30,2022 , is as follows. Adjusting entries: 1. A count on April 30, 2022, shows $1,500 of supplies were used. 2. Annual depreciation of the equipment is $1,850 and for machinery is $2,250. 3. Insurance expires $107 per month. 4. Salaries of $1,275 were not paid on April 30, 2022. 5. Unearned service revenue of $5,000 was earned by April 30, 2022. 6. The company signed a 9 month notes payable in the amount of 20,000 on February 1. The note requires to pay interest at an annual rate of 5%

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

Students also viewed these Accounting questions

Question

Write formal proposal requests.

Answered: 1 week ago

Question

Write an effective news release.

Answered: 1 week ago

Question

Identify the different types of proposals.

Answered: 1 week ago