Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Now that you have finished recording the remaining transactions for 2022, April has asked you to begin working on some of the end of year

image text in transcribed Now that you have finished recording the remaining transactions for 2022, April has asked you to begin working on some of the end of year accounting activities. You have obtained the information below from Charlotte Addison, April's assistant, to aid you with creating the necessary adjusting entries. a) A hand count shows $16,300 of cleaning supplies on hand at the end of the year. b) The remaining prepaid rent at the end of 2022 is $1,375. c) Depreciation on cleaning equipment for 2022 is $5,750. d) As of the end of December, Charlotte Addison has earned 20 days of pay that will be paid in early January of next year. Charlotte Addison is paid a rate of $150 per day. e) A hand count shows $36,000 of office supplies on hand at the end of the year. f) The office equipment was purchased on November 1,2021 , and has a residual value of $800. The office equipment has an expected useful life of 3 years and is depreciated using straight-line depreciation. g) On January 15th, April Fresh Cleaning received a bill from the local utility company for $450. It covers utilities for October, November, and December. h) $1,200 of insurance has expired as of the end of the year, i) Accrue interest on the Note signed on November 11, 2022, for purchase of cleaning equipment. The note was for $12,000 at a rate of 5% for 180 days

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

Auditing At The Speed Of Risk With An Agile Continuous Audit Plan

Authors: Norman Marks

1st Edition

B09PMBSWSC, 979-8787044393

More Books

Students also viewed these Accounting questions

Question

Effective Delivery Effective

Answered: 1 week ago