Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please Prepare 3 adjusting journal entries using proper debits and credits. please show formal on how you get your answer. Transaction 1 Diego borrowed all
Please Prepare 3 adjusting journal entries using proper debits and credits. please show formal on how you get your answer. Transaction 1 Diego borrowed all of the loan proceeds (Notes Payable) listed on the Unadjusted Trial balance on July 1, 2019. No interest was recorded for 2019. Interest rate is 10% and is not payable until the loans are due Transaction 2 Diego had received a deposit of $10,000 for the full price of an order to Falcon Corporation received in September 2019 for a December 2019 delivery date. Diego delivered the meals in December but did not reflect the transaction. Diego's office rent is $5,000/month. He had paid his rent ahead of time, but has not yet recorded the December rent used Transaction 3 $ Unadjusted Trial Balance Debit Credit 425,000 235,000 25,000 40,000 15,000 10,000 150,000 15,000 40,500 Cash Accounts receivable Allowance for doubtful accounts Interest receivable Inventory Prepaid insurance Prepaid rent Equipment -cost Accumulated depreciation - equipment Accounts payable Salary payable Interest payable Income tax payable Unearned revenue Notes payable - Due June 1, 2020 Notes payable - Due December 1, 2021 Common stock Retained earnings - beginning of year Sales revenue Sales returns and allowances Cost of goods sold Advertising expense Bad debt expense Depreciation expense Insurance expense Income tax expense Interest expense Interest income Rent expense Salaries expense Utilities expense Total 120,000 100,000 150,000 100,000 284,000 505,000 7,000 250,000 5,000 15,000 11,000 4,000 55,000 120,000 5,500 1,343,500 $ $ 1,343,500
Please Prepare 3 adjusting journal entries using proper debits and credits. please show formal on how you get your answer.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started