Answered step by step
Verified Expert Solution
Question
1 Approved Answer
prepare necessary adjusting entries prepare necessary closing entries show: Dr debit account name (value) Cr credit account name (value) Account Cash Debit Credit 12,000 Accounts
prepare necessary adjusting entries prepare necessary closing entries
show: Dr debit account name (value) Cr credit account name (value)
Account Cash Debit Credit 12,000 Accounts Receivable 40,000 7,000 Note Receivable 1,800 44,000 4,800 105,000 Allowance for Doubtful Accounts Inventory Prepaid Insurance Equipment Accumulated Depreciation- Equip. Accounts Payable Share Capital-Ordinary Retained Earnings Sales Revenue 15,000 10,800 44,000 55,000 ? Cost of Goods Sold Salaries and Wages Expense Rent Expense 111,000 50,000 12.800 Totals ? 386,600 At year end, the following items have not yet been recorded. 1. Insurance expired during the year, 2,800. 2. Depreciation on equipment, 11% per year. 3. Interest at 4% is receivable on the note for one full year. 4. Rent paid in advance at December 31, 5,500 (originally charged to expense). 5. Accrued salaries and wages at December 31, 5,000Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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