Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

to say in Piclecler VICW Enable Editing Question 1-18 Marks 1 mark for each journal entry line: Correct account (0.5) and Correct Amount (0.5) -Note:

image text in transcribed

to say in Piclecler VICW Enable Editing Question 1-18 Marks 1 mark for each journal entry line: Correct account (0.5) and Correct Amount (0.5) -Note: if the account is correct and amount but placed wrong as a debit/credit (O mark) Green River Rafting Ltd. has a year end of December 31, 2019. Using the information below, prepare the adjusting journal entries at year-end for the following transactions. No explanations are required. 1) Services performed but unbilled and uncollected from customers at year-end is $4,000 2) The company prepaid $8,700 for 6 months' rent on September 1, 2019. 3) Green River purchased equipment on Jan 1, 2019 for $36,000 with a useful life of S years with no residual value. 4) The company had supplies carried forward at the beginning of the year for $6,000 and during the year purchased supplies on July 1, 2019 for $5,500. There was $4000 worth of supplies on hand at the end of the year. 5) The company wes $1200 in interest for a loan taken earlier in the year, the company has not yet recorded or paid the interest. 6) At the end of the year, wages that have not yet been paid or recorded are $2,500. 7) On January 1, 2019, the company purchased a 3-year insurance policy for $6,600. 8) The company received $4,300 from a customer in advance which was posted to the Service Revenues account. By the end of December, 30% of services were completed for the customer 9) The company had advertisement costs of $1,600 during December which the company has not recorded. The company also has not received an invoice from the vendor. lect General Journal

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

Step: 3

blur-text-image

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 And Financial Management For Residential Construction

Authors: Emma Shinn

6th Edition

0867187816, 9780867187816

More Books

Students also viewed these Accounting questions

Question

Understand the department managers key role in employee retention

Answered: 1 week ago