Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information is available from the unadjusted trial balance for Fair Trade Coffee Company on December 31, 2022 for the year just ended. a.

image text in transcribed

The following information is available from the unadjusted trial balance for Fair Trade Coffee Company on December 31, 2022 for the year just ended. a. A coffee machine was purchased January 1, 2022 for $8,600. It is estimated that the coffee machine will have a useful life of 5 years. b. Fair Trade Coffee Company has a balance of $3,600 in uneamed coffee revenues. Of the balance in unearned coffee revenues, $2,200 remained unearned at December 31 c. The opening balance in the store supplies account for this year was $3,700. A total of $6,750 of store supplies were purchased during the year and debited to the store supplies account. A count of the store supplies on December 31, 2022 revealed a balance remaining of $1,400. d. Accrued coffee revenues at year end totaled $3,450. e. Two months of interest had accrued at a rate of 6% per year on a $28,000 note payable. f. The balance in Prepaid Rent represents six months of rent purchased for $4,020 on September 1, 2022. 1 g. The last weekly salary of $1,800 was paid to employees on Friday December 29. Employees are paid based on a five-day work week. Salaries for December 30 and 31 have accrued. REQUIRED: Prepare the adjusting journal entries for the year end December 31, 2022 on the general journal form provided on the Excel Data sheet NOTE: Explanations are NOT required for journal entries

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Information Systems Connecting Careers Systems And Analytics

Authors: Arline A. Savage, Danielle Brannock, Alicja Foksinska

1st Edition

1119744474, 9781119744474

More Books

Students also viewed these Accounting questions

Question

What is removed when a relation is converted from 1NF to 2NF?

Answered: 1 week ago

Question

Please help me evaluate this integral. 8 2 2 v - v

Answered: 1 week ago