Question
Purchase company truck $50,000 Pay annual liability insurance premium of $1,500 Obtain copyright for company website pay $2500 cash Pay initial health insurance of $400
Purchase company truck $50,000
Pay annual liability insurance premium of $1,500
Obtain copyright for company website pay $2500 cash
Pay initial health insurance of $400 for each partner
Purchase laptop to use for any off-site business meetings 1,200 on account
Provide 54 hours of service
Purchase logo jackets for partners- pay $230 on credit
Provide 34 hours of service (at overtime rate)
Provide 120 hours of service - client paid cash
Please answer these and show adjusted journal entries as well. The hourly rate is 50 dollars.
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Answer 1 Purchase company truck 50000 Debit Truck Asset 50000 Credit Cash 50000 2 Pay annual liability insurance premium of 1500 Debit Insurance Expense 1500 Credit Cash 1500 3 Obtain copyright for co...Get Instant Access with AI-Powered Solutions
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Get StartedRecommended Textbook for
Financial Accounting Theory
Authors: William R. Scott
7th edition
132984660, 978-0132984669
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