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Please help! South Bend Repair Service Company keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following
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South Bend Repair Service Company keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31: Data not yet recorded at December 31 of the current year include: a. Depreciation expense for the current year, $4,300. b. Insurance expired during the current year, $1,100. c. Wages earned by employees but not yet paid on December 31 of the current year, $3,400. d. The supplies count at the end of the current year reflected $1,600 in remaining supplies on hand to be used in the next year. e. Seven months of interest expense (on the note payable borrowed on June 1 of the current year) was incurred in the current year. f. Income tax expense was $3,024. 1 Record the adjusting entry for $4,300 depreciation expense for the current year. 2 Record the adjusting entry for $1,100 insurance expired during the current year. 3 Record the adjusting entry for $3,400 wages earned by employees but not yet paid on December 31 of the current year. 4 Record the adjusting entry for $1,600 supplies remaining on hand to be used in the next year. 5 Record the adjusting entry for interest on note payable borrowed on June 1 of the current yearStep by Step Solution
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