Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Using the information given: Complete the eight-column work sheet. Journalize adjusting and closing entries Cash Accounts Receivable Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation-Office
Using the information given:
- Complete the eight-column work sheet.
- Journalize adjusting and closing entries
Cash Accounts Receivable Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation-Office Equipment Store Equipment Accumulated Depreciation-Store Equipment Account Payable T'Challa Panther, Capital T'Challa Panther, Drawings Fees Earned Rent Expense Wakanda Enterprises Trial Balance March 31, 2021 General Expense Repair Expense Salaries Expense 30,350.00 4,000.00 17,640.00 24,000.00 45,000.00 65,000.00 (All values should be rounded to two decimal places.) 21,100.00 10,000.00 500.00 1500.00 200,000.00 419,090.00 22,500.00 26,000.00 37,500.00 82,090.00 251,000.00 419,090.00 Additional Information 1. Office supplies on hand on September 30 are valued at $6, 100. 2. Prepaid Insurance balance of $24 000 was the original cost of the insurance on Jan 1, 2021. 3. Late invoices pertaining the September 30 fiscal period were: General Expense $ 830.00 Repair Expense 235.00 $1065.00 Total 4. Depreciation on Store Equipment is calculated using the declining-balance method. Equipment depreciates at 20% 5. The Office equipment cost $45,000 and was expected to last for 6 years. It was estimated that it would be worth $5, 500 at the end of that time.
Step by Step Solution
★★★★★
3.33 Rating (156 Votes )
There are 3 Steps involved in it
Step: 1
To complete the eightcolumn worksheet and journalize the adjusting and closing entries lets address each piece of additional information provided 1 Office Supplies Adjustment Office supplies have an u...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started