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Prepare adjusting journal entries Pontes Services Trial Balance August 31, 2021 begin{tabular}{|l|} hline Cash hline Supplies hline Debt investments hline Equipment
Prepare adjusting journal entries Pontes Services Trial Balance August 31, 2021 \begin{tabular}{|l|} \hline Cash \\ \hline Supplies \\ \hline Debt investments \\ \hline Equipment \\ \hline \end{tabular} Equipment Accumulated depreciation-equipment Debit Credit Vehicles Accumulated depreciation-vehicles Accounts payable Unearned revenue Notes payable C. Pontes, capital C. Pontes, drawings 32400 Service revenue Interest revenue 38250 Repairs expense Insurance expense Interest expense Rent expense Salaries expense \begin{tabular}{r|r} 25235 & \\ 8550 & \\ 2535 & \\ 18900 & \\ \hline 40500 & \\ \hline 400790 & 400790 \end{tabular} 190115 360 1. The equipment has an expected useful life of 10 years. The vehicles' expected useful life is eight years. 2. A physical count showed $1,600 of supplies on hand at August 31,2021. 3. As at August 31, 2021, there was $2,500 of revenue received in advance and the related services have not yet been performed. 4. Pontes Services has an investment in bonds that it intends to hold to earn interest until the bonds mature in 10 years. The bonds have an interest rate of 5% and pay interest on March 1 and September 1 each year. 5. Accrued salaries payable at August 31, 2021, were $1,950. 6. Interest on the 5% note payable is payable at the end of each month and $8,000 of the principal must be paid on December 31 each yea Interest payments are up to date as at August 31, 2021. 7. The owner, C. Pontes, invested $4,000 cash in the business on December 29, 2020. (Note: This has been correctly recorded.)
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