Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Need help with this. Anything helps including tables made with the entries on them and such. Just don't know how to put entries into tables

image text in transcribed

Need help with this. Anything helps including tables made with the entries on them and such. Just don't know how to put entries into tables or anything.

image text in transcribed
AC 111 Assignment #2 Adjusting Entries Baker Company uses an annual reporting period that ends on December 31. The following information concerns adjustments on that date: . Office Supplies started off the year with a $5,000 balance. During the year an additional $14,250 was purchased. At the year end a physical inventory of Office Supplies shows $6,050 remaining. . The company prepaid $12,000 for a 24-month insurance policy on January 1. . The company has 10 employees who earn a total of $2,100 in salaries each working day. They are paid each Monday for the five-day work week ending on the previous Friday. December 31 is a Tuesday, and all 10 employees worked the first two days of the week. The employees will receive their next pay on Monday, January 6, 2014. . The company purchased a building on January 1 for $821,000. The building is expected to have a 25-year life, and a salvage value of $25,000. The company rented space in the building to a client. The tenant is charged $1,100 per month beginning on November 1. The rent was paid in November, however it was not paid in December. The tenant has agreed to pay both the December and January rent by January 15, 2014. On November 1 the company rented space to another tenant. This tenant is charged $900 per month. This tenant paid five months rent in advance on November 1. Required: 1. Prepare adjusting journal entries for each item as of December 31, 2013. 2. Prepare any necessary subsequent journal entries for 2014. Note: Assignments will be graded within 24 hours of the deadline for submission. You will receive feedback on anything that is incorrect

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

Intermediate Accounting Reporting and Analysis

Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach

3rd edition

9781337909402, 978-1337788281

More Books

Students also viewed these Accounting questions

Question

An action plan is prepared.

Answered: 1 week ago