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Please help me journal these transactions so I can check my work, thank you. The transactions for the year 2015 for Anderson Architects have already
Please help me journal these transactions so I can check my work, thank you.
The transactions for the year 2015 for Anderson Architects have already been recorded. This problem shows how to prepare adjusting entries for December 2015. Dec. 31 A note payable of $6, 000 has been outstanding since September 1, 2015. Under the terms of the note, the note plus interest (12%) is to be paid on March 1, 2016. No interest has been recorded on the note. Dec. 31 Wages of $650 for December will be paid in January. Dec. 31 Services were performed for a client for $800. The client has not been billed yet. Sec. 31 Advertising costs of $105 for December will be paid in January. Dec. 31 A computer was purchased on January 1, 2013 for $1, 600. The useful life of the computer is 4 years and $0 salvage value. Dec. 31 On October 1, 2015, Anderson Architects had paid $4, 800 as rent for a six month period. This had been recorded as prepaid rent. Dec. 31 The amount of supplies available at the end of December was $200. The amount of supplies at the beginning of the period was $450. $250 of supplies were purchased during the year. Dec. 31 Furniture costing $3, 000 was purchased on Jan 1, 2012. The useful life of the furniture is estimated to be 5 years. Dec. 31 Services were provided to a customer for $450. The cash was collected in advance on November 28, 2015Step by Step Solution
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