Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please show all wokr! Question 1 (13 marks) The following information is available for September 2013 for Guido's Accounting Services 1. Sept ! Guido received
Please show all wokr!
Question 1 (13 marks) The following information is available for September 2013 for Guido's Accounting Services 1. Sept ! Guido received and recorded a $450 receipt from a customer for accounting services to be rendered evenly in September, October and November. The entry recorded was Dr cash $450, Cr Unearned Fee Revenue $450 2. Sept 1 Guido paid $900 for a four-month insurance policy. Coverge begins on September 1. The entry recorded was, Dr Prepaid Insurance $900, Cr cash $900. 3. Sept 1 Guido purchased a computer at a cost of $4,700 cash. The computer's life is expected to be two years, with an expected salvage value of $140. Guido's uses the double declining balance method of depreciation. The entry recorded on Sept I was Dr Computer $4,700, Cr cash $4,700. 4. Sept 4 Guido paid $800 to a data processing firm for work that will be performed evenly in September and October. The entry recorded was Dr Prepaid data processing $800, Cr Cash $800 5. Sept 30 Guido's employees earn $250 of salary daily, based on a five-day work week. Employees are paid each Friday for the week just worked. September 30 falls on a Wednesday 6. Sept 30 The estimated utility bill for September is $170. 7. Sept 30 Guido's office supplies account showed $120 of office supplies on hand on September I. These supplies had been purchased with cash. During September, the company purchased $250 of office supplies for cash. At the end of the month, there were $280 of office supplies on hand at the company. Required: Prepare all necessary adjusting journal entries for Guido's Accounting Services on September 30, 2013. If no entry is required please state "no entry
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