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The following information is available on 31 March 2020 for preparation of adjusting entries: (a) Electricity incurred for the month amounted to $5,800. (b) All

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The following information is available on 31 March 2020 for preparation of adjusting entries:

(a)

Electricity incurred for the month amounted to $5,800.

(b)

All employees worked for the whole month of March. The employees have a total salary of $27,000 for a five-day work week.

All employees work a five-day week and are paid every four weeks on the following Wednesday, based on the number of days they have worked in the last four weeks.

Last payment day is on 11 March 2020 (Wednesday). ITI paid $108,000 ($27,000 x 4) for salary up to 10th March 2020 (Tuesday). Employees are entitled to full pay on public holidays but not on Saturday and Sunday.

(c)

Building is recorded at historical cost and their estimated useful lives are 50 years. No residual value is expected for the building. The building was acquired on 1 May 2016. The company uses straight-line method for all buildings.

(d)

The prepaid insurance was paid in July 2019 covering a 12-month general insurance from 1 July 2019 to 30 June 2020.

(e)

Physical count showed that $4,000 of supplies remained on hand.

(f)

Allowance for bad debt is estimated based on 10% of the closing accounts receivable balance due to dramatical down turn of the economy.

(g)

Recognize interest expense for the month.

(Information of the notes payable: On 13 March 2020, ITI purchased$150,000 inventory by signing a 90-day, 5% notes payable.)

The following information is available on 31 March 2020 for preparation of adjusting entries:

(a)

Electricity incurred for the month amounted to $5,800.

(b)

All employees worked for the whole month of March. The employees have a total salary of $27,000 for a five-day work week.

All employees work a five-day week and are paid every four weeks on the following Wednesday, based on the number of days they have worked in the last four weeks.

Last payment day is on 11 March 2020 (Wednesday). ITI paid $108,000 ($27,000 x 4) for salary up to 10th March 2020 (Tuesday). Employees are entitled to full pay on public holidays but not on Saturday and Sunday.

(c)

Building is recorded at historical cost and their estimated useful lives are 50 years. No residual value is expected for the building. The building was acquired on 1 May 2016. The company uses straight-line method for all buildings.

(d)

The prepaid insurance was paid in July 2019 covering a 12-month general insurance from 1 July 2019 to 30 June 2020.

(e)

Physical count showed that $4,000 of supplies remained on hand.

(f)

Allowance for bad debt is estimated based on 10% of the closing accounts receivable balance due to dramatical down turn of the economy.

(g)

Recognize interest expense for the month.

(Information of the notes payable: On 13 March 2020, ITI purchased$150,000 inventory by signing a 90-day, 5% notes payable.)

Intelligent Toys, Inc I madjusted Trial Balance Als at 31 March 2020 Cr Dr S S Accounts Payable 143.900 Accounts Receivable 271,160 196,80) Accumulated Depreciation - Building Allowance for Doubtful Accounts Bad Debt Expense 5,260 Building 6,180.000 1,207.278 Cash Depreciation Expense - Building Depreciation Experise - Equipment Dividends Payable 335,200 Freight in 1001 Freight-out 500 Insurance Expense Interest Expense Interest Payable Interest Receivable Interest Revenue Long terun Investament 2,500,(NO Cuind loss on Disposal 6,128 Merchandise Inventory 650,000 Miscellaneous Expense Notes Payable 150,000 Ordinary Share Dividends Distributable Prepaid Insurance 12,000 Purchase Discounts 3.718 1,200 Purchase Returns and Allowances Purchases 193,00 Retained Earnings 112,3-18 Salaries Expense 37.800 Salaries Payable Sales Returns and Allowances 980 Salcs Revenue 446.960 Share Capital - Onlinary 4,400,000 Share Capital - Preference 4,00],[10001 Share Premium - Ordinary 1,000,000 Share Premium - Preference 200.000 Share Premium - Treasury Supplies 10.110 Supplies Expense Treasury Shares 46,000 Uncained Rent Revenue 120,000 Utilities Expense XXXXXXXX XXXXXXXX The tollowing information is available on 31 March 2020 for preparation of adjusting entries: (a) Electricity incurred for the month amounted to $5.800. (b) All employees worked for the whole month of March. The employees have a total salary of S27.000 for a five-day work week. All emplovees work a five-day week and are paid every four weeks oo the following Wednesday, based on the number of days they have worked in the last four weeks. last payment day ion 11 March 2020 (I\'eunesday). I paid $108,000 ($27.000 x 1) lor salary Lip to 10111 Marul 2020 (Tuskulay). Employees are cntitled to full pay on public holidays but not on Saturday and Sunday. () }uilling is recorded at historicul cost and their alimalud useful lines are 50 years. No residual value is expected for the building. The building was pulirel on 1 May 2016. The company ises straight-linc method for all buildings. The prepaid insurance was paid in July 2010 covering a 12-mouth general insurance from 1 July 2019 Lo 30 June 2020). (e) Physical count showed that $4,000 of supplies remained on hund. A1105nce for bad debt is estimated based on 107 of the closing counts TCocivable balance due to dramaticul down tl.17 of the economy Kecomize interest expense for 10 month. Information of the notes payable On 13 March 2020. ITI purchwed$150,000 inventory by signing a 90-day, 5%o notes payable.) Intelligent Toys. Inc ("IT1") is a well establish Love Lrading company which adopls the Kriol system. ITI prepares its financial statements ami a monthly basis. Required: Journalize the adjusting entries for the information (a) to () for the month of March at 31 March 2020. Leave the space blank if no entry is required. All the accounts in the chart of accounts are listed in the Unadjusted Trial Balance provided. No Explanation is required. Please copy and paste the account names from the provided Unadjusted Trial Balance Input numerals for amount only, no ", " or "$"sign are needed, eg, five thousand should be input as 5000. Cr 31 Mar Account name Dr$ (a) (b) (C) (d) (e) (f) (g)

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