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The ledger of Wildhorse Co. on July 31, 2020, includes the selected accounts below before adjusting entries have been prepared. Notes Payable Supplies Prepaid
The ledger of Wildhorse Co. on July 31, 2020, includes the selected accounts below before adjusting entries have been prepared. Notes Payable Supplies Prepaid Rent Buildings Accumulated Depreciation-Buildings Unearned Service Revenue Debit Credit $18,000 $22,000 5,600 250,000 $120,000 10,200 An analysis of the company's accounts shows the following. The notes payable pays interest at a rate of 12% per year. 1. 2 Supplies on hand at the end of the month totaled $15,400. 3. 4. 5. The balance in Prepaid Rent represents 4 months of rent costs. Employees were owed $3,500 related to unpaid salaries and wages Depreciation on buildings is $4,560 per year.
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