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ONLY NEED HELP WITH THE JOURNAL ADJUSTING ENTRIES, I showed the trial balance for reference Part One, continued: Adjusting Journal Entries Record the Adjusted journal
ONLY NEED HELP WITH THE JOURNAL ADJUSTING ENTRIES, I showed the trial balance for reference
Part One, continued: Adjusting Journal Entries | |||||||
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. |
Trial Balance
Accumulated Depreciation- Equipment | 45,600 | ||
Building | 462,000 | ||
Accumulated Depreciation- Building | 79,000 | ||
Patents | 41,700 | ||
Accounts Payable | 233,950 | ||
Unearned Revenue | 10,000 | ||
Interest Payable | |||
Bonds Payable | |||
Common Stock ($5 Par) | 840,000 | ||
Paid-in Capital in Excess of Par Value | 50,000 | ||
Retained Earnings | 295,730 | ||
Dividends | |||
Sales | 799,970 | ||
Sales Discounts | 8,000 | ||
Cost of Goods Sold | 491,200 | ||
Bad Debt Expense | |||
Depreciation Expense- Equipment | 5,600 | ||
Wages & Salaries Expense | 67,800 | ||
Rent Expense | 69,400 | ||
Utilities Expense | 11,000 | ||
Depreciation Expense- Building | 10,000 | ||
Insurance Expense | 8,800 | ||
Amortization Expense | 5,500 | ||
Gain/Loss on Sale of Equipment | |||
Interest Expense | 6,000 | ||
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