Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

VEYA U2A Problem 2 Quebec technology Ltd faced the following situations. When the business collected $18,000 in advance three months ago, the accountant debited Cash

image text in transcribed
VEYA U2A Problem 2 Quebec technology Ltd faced the following situations. When the business collected $18,000 in advance three months ago, the accountant debited Cash and credited Unearned Revenue. The dient was paying for two test machines, one delivered in December, the other to be delivered in March 2020, Salary expense is $300 per day to you (please add your name as memo to the entry when you do it. Deduct 5 marks without name)-Monday through Friday - and the business pays employees each Friday. For example, purposes, assume that this year, December 31 falls on a Tuesday, The unadjusted balance of the Supplies account is $2,200. The total cost of supplies on hand is $800. Equipment was purchased at the beginning of this year at a cost of $36,000. The equipment's useful life is six years and no residual value. Record the depreciation for this year using straight line method. . . Journalize the adjusting entry needed at 2019 year-end (December 31, 2019) for each situation. Each scenario should be considered independently. Please explain your adjusting entries. Entries without explanation reduce 30% marks. Good luck. I Banen h (US DE 99

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

Global Financial Accounting And Reporting Principles And Analysis

Authors: Peter Walton, Walter Aerts

4th Edition

1473729521, 9781473729520

More Books

Students also viewed these Accounting questions