Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

New Slang Pest Control has the following balances in selected accounts on December 31, 2019. Accounts Receivable $ 0 Accumulated Depreciation - Equipment 0 Equipment

New Slang Pest Control has the following balances in selected accounts on December 31, 2019. Accounts Receivable $ 0 Accumulated Depreciation - Equipment 0 Equipment 6,650 Interest Payable 0 Notes Payable 20,000 Prepaid Insurance 2,220 Salaries and Wages Payable 0 Supplies 2,940 Unearned Service Revenue 30,000 All of the accounts have normal balances. The information below has been gathered at December 31, 2019. ( annual ) 1. Depreciation on the equipment for 2019 is l.E.1,300. 2. New Slang Pest Control borrowed L.E. 20,000 by signing a 10%, one-year note on July 1, 2019 (6 month). 3. New Slang Pest Control paid L.E. 2,220 for 12 months of insurance coverage on October 1, 2019 (3 month). 4. Salaries to be paid beginning of Jan 2020 were 2000. 5. New Slang Pest Control performed services for a client in December 2019. The client will be billed L.E.3,200. 6. Revenue earned by December 2019 for L.E.30000 7. A count of supplies on December 31, 2019, indicates that supplies of L.E. 850 are on hand. Instructions Prepare in journal, the adjusting entries for the seven items listed for New Slang Pest Control

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

What reward will you give yourself when you achieve this?

Answered: 1 week ago