Question
What are the adjusting entries for these? Assume 360 days for any interest calculations and follow the traditional rules for rounding. For example, $5.415 rounds
What are the adjusting entries for these?
Assume 360 days for any interest calculations and follow the traditional rules for rounding. For example, $5.415 rounds to $5.42 and $5.414 rounds to $5.41.
1. Physical inventories as of June 30, 20XX are as follows:
Office Supplies$105Store Supplies$4002.
Depreciation is based on the end-of-month balance in the asset account, regardless of the date purchased. Seaside elects to use the straight-line method for calculating depreciation. Based on the balances in the following depreciable asset accounts, using the salvage value and useful life given, calculate the depreciation for each asset for the month of June.
Depreciable Asset Salvage Value Useful Life
Office Equipment $240 96 months
Store Equipment $200 120 months
Warehouse $4000 240 months
3. Seaside must accrue salaries of $240 for the last three days of June. Employee income taxes are withheld at a rate of 15% and FICA taxes are withheld at a rate of 10%. The policy regarding the employer's matching 10% FICA liability is to accrue the amount for the full month's payroll at the end of the month.
4. Unused advertising amounts to $350.
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