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Selected amounts at Dec 31, 2019 cash paid employees for salaries & wages $300,000 Cash collected from sales customers $1,850,000 Bonds Payable $500,000 Cash $150,000
Selected amounts at Dec 31, 2019
cash paid employees for salaries & wages $300,000
Cash collected from sales customers $1,850,000
Bonds Payable $500,000
Cash $150,000
Common Stock $60,000
Equipment $840,000
Prepaid Insurance $30,000
Inventory $250,000
Prepaid Rent $140,000
Retained Earnings $130,000
Salaries&Wages Expense $328,000
Sales $2,000,000
Make the following 5 adjusting entries
1) Equipment, purchased Jan 1, 2019 has a useful life of 12 years with no salvage value(straight-line method)
2)Interest accrued on bonds payable is $20,000 as of Dec 31, 2019
3)Unexpired insurance at 12/31/2019 is $7,000
4) Rent payment of $140,000 covered the four months from Dec 1, 2019 thru March 31, 2020
5)Salaries&Wages of $28,000 were earned but unpaid at 12/31/2019.
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