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The ledger of Armour Lake Lumber Supply on July 31, 2022, includes the following selected accounts before adjusting entries have been prepared. Supplies Prepaid
The ledger of Armour Lake Lumber Supply on July 31, 2022, includes the following selected accounts before adjusting entries have been prepared. Supplies Prepaid Rent Buildings Accumulated Depreciation-Buildings Unearned Service Revenue Debit Credit $24,000 3,600 250,000 $140,000) 11,500 An analysis of the company's accounts shows the following 1 Supplies on hand at the end of the month totaled $18,600. 2. The balance in Prepaid Rent represents 4 months of rent costs. 3. Employees were owed $3,100 related to unpaid and unrecorded salaries and wages. 4. Depreciation on buildings is $6,000 per year. 5 During the month, the company satisfied obligations worth $4,700 related to the Unearned Service Revenue account. 6. Unpaid and unrecorded maintenance and repairs costs were $2,300.
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