Using the information from the Trial Balance in the Worksheet:

1.Journalize the adjustments below (don't bother with explanations or P.R.)

The following information is for the company of

D. Virk, Chartered Accountants

for the YEAR ending December 31, 2015

Pre-adjusted balances at start of the YEAR

1 Office Equipment 30,100.00

Accumulated Amortization at start of period 15,000.00

Salvage Value 100.00

Useful Life 6 years

Adjust for whole year

2 Automobile 14,200.00

Accumulated Amortization at start of period 9,546.94

Rate: 20%

Adjust for whole year

3 Building 147,100.00

Accumulated Amortization at start of period 8,650.66

Rate: 2%

Adjust for whole year

Other Information

4 Insurance Policy Value remaining at start of period: 12,900.00

Time remaining in the policy at start of period 40 months

Adjust for 1 month (December) only

5 Interest was deducted directly from the bank account. The monthly rate of interest for all debt (assume it is on total of loans and mortgages only) is: 0.8% of balance owing

Total value of loans and mortgages on the 1st of the month is: 64,500.00

6 Supplies on hand at month end were: 6,000.00

Supplies on hand on the 1st of the month were: 7,000.00

7 Month end was exactly one quarter of the way through a pay period. No wages have been paid yet, but on the next pay day the salaries paid will be: 11,900.00

8 The Senior Accountant informs you that she is certain that an account which you have made an allowance for, will not be collected. She tells you to write it off. It is valued at: 244.00

Template:

D. Virk, Chartered Accountants

General Journal

Date Particulars P.R. Debit Credit

2015

Adjusting Entries

Dec 31 Amortization Expense - Equipment -

Accumulated Amortization - Equipment -

31 Amortization Expense - Automobile -

Accumulated Amortization - Automobile -

31 Amortization Expense - Building -

Accumulated Amortization - Building -

31 Insurance Expense -

Prepaid Insurance -

31 Interest Expense -

Bank -

31 Supplies Expense -

Supplies -

31 Salaries Expense -

Salaries Payable -

31 Allowance for Doubtful Accounts -

Accounts Receivable -

Total 13,757.10 13,757.10