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Tobique records adjustments monthly. Adjustment data for the month of August are as follows: 1. One months worth of advertising services have been received. 2.
Tobique records adjustments monthly. Adjustment data for the month of August are as follows:
1. | One months worth of advertising services have been received. | ||
2. | The August rent has expired. | ||
3. | Accrued salaries payable are $1,670. | ||
4. | Depreciation for the month is $203. | ||
5. | Supplies on hand at August 31 are $1,000. | ||
6. | Services were performed to satisfy $790 of unearned revenue. | ||
7. | One month of interest revenue related to the $4,000 note receivable has accrued. The note was issued on June 30 and is due October 31 and has a 6% annual interest rate. Interest is due at maturity. | ||
8. | Income tax of $290 is estimated to be owed for the month of August. |
(B)
Post the August adjusting journal entries and calculate and enter end balances. (Post entries in the order of journal entries presented in the previous part. If the ending balance is 0 select Bal for the date and enter 0 for the normal balance for that account.)
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