Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
Q1: (10) At the end of the month of December 2020, Annoor textile mills has found following adjustments in their accounts. Please make the necessary
Q1: (10) At the end of the month of December 2020, Annoor textile mills has found following adjustments in their accounts. Please make the necessary adjusting entries from the given transactions . 1. Annoor bought insurance policy worth 6000 dollars valid for six months in October 2020. 2. Annoor bought office supplies worth 2700 dollars on nov 1. These office supplies will be enough for three months. 3. Annoor bought a building worth $350,000 in march 2020. The useful life of this building is 15 years. 4. Annoor received a $10,000 on Dec 1 from malik and sons. Annoor provided the necessary materials to malik and sons on 29 Dec 2020. 5. Annoor received electricity bill of $300 for the month of December to be paid by 5" January 6. Annoor took a loan of $5000 on oct 1 from ABS banks Itd for four months with an interest rate of 10 percent. What is the adjusting entry for interest for the month of Dec. 7. annoor's accountant calculates the total tax for 2020 and estimates that a total of 50000 tax is to be paid for 2020. The trial balance shows a tax expense of $43000 and an interest payable amount of $8000, What is the interest payable for month of dec. 8. annoor has to pay $20000 worth of salaries to its employees for the month of dec which is to be paid on January 1". 9. annoor has provided materials to shaheen clothings on 5 dec. the amount of S12000 will be received on 3 January 10. annoor gave a loan of $30,000 to shaheen clothings at the nterest rate of 10 percent to be taken back on march 2021. write the interest receivable entry for the month of dec
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669c6df35e1ac_795669c6df303408.jpg)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started