P4-1C

Reviewing of preparing a worksheet and journalizing adjusting entries.

Net Income $16,340

(Excel templates for all questions are available in MyLab Accounting.) P4-1C. To: Peter George From: Anthony Hoang RE: Accounting Procedures Please prepare from the following information for Eco Document Disposal Company (attached), (1) a worksheet, along with (2) journalized adjusting entries for the year ending May 31,2022. Adjustment Data a. Insurance expired, $510.75. b. Disposal supplies on hand, $723. c. Depreciation for the year on disposal equipment is based on the straight-line method, 12-year life, and a residual value of $1,225. d. Depreciation for the year on building is also straightline, 20-year life, and a residual value of $25,000. e. Wages earned by employees but not due to be paid until June amounted to 36 hours at $18 /hour plus 30 hours at $24 /hour