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ONLY NEED HELP WITH THE JOURNAL ADJUSTING ENTRIES AT THE BOTTOM Acme, Inc. - Normal journal entries for the month of December, 2018: Dec 1
ONLY NEED HELP WITH THE JOURNAL ADJUSTING ENTRIES AT THE BOTTOM
Acme, Inc. - Normal journal entries for the month of December, 2018: | |||||||
Dec | 1 | Issued 65,000 shares of common stock for $14 per share. | |||||
Dec | 1 | Paid December rent of $7,500. | |||||
Dec | 1 | Issued $200,000 bonds at face with an interest rate of 10% due in 5 years. | |||||
Dec | 3 | Purchased $350,000 of inventory terms 1/10, net 30. | |||||
Dec | 5 | Sold land at cost for cash, $20,000 | |||||
Dec | 8 | Sold equipment with original cost of $60,000 and accumulated depreciation of | |||||
$35,000 for $18,000 cash. | |||||||
Dec | 9 | Purchased equipment for $50,000 cash. | |||||
Dec | 10 | Sold inventory on account for $340,000 with a cost of $160,000, terms 2/15, net 30. | |||||
Dec | 11 | Paid for merchandise inventory that was purchased on December 3rd. | |||||
Dec | 15 | Paid utilities, $1,700. | |||||
Dec | 18 | Wrote off uncollectible accounts, $18,000. | |||||
Dec | 19 | Received payment in full for sale on December 10th. | |||||
Dec | 31 | Declared and paid cash dividend of $0.40 per share. | |||||
Dec | 31 | Paid wages and salaries of $9,200. | |||||
Part One, continued: Adjusting Journal Entries | |||||||
Record the AJE's in worksheet #3 and then to worksheet #1 and total, as you did in Part A above. |
Record the Adjusted journal entries, I need help
1. | Accrue interest on bonds issued on December 1st. | |||||
2. | Depreciation expense for the month is $1,120 for for the building and $605 for equipment. | |||||
3. | Accrue sales of $42,000 with a cost of goods sold of $19,000. | |||||
4. | Prepaid insurance of $483 expired in December. | |||||
5. | Unearned revenue of $7,500 with a cost of $3,200 was earned during December. | |||||
6. | Record patent amortization in the amount of: $1,200. | |||||
7. | Allowance for bad debt account should equal 3% of the accounts receivable balance | |||||
rounded to the nearest dollar. |
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