What is supplies expense for July 31?
Supplies Expense Supplies X suaigne Supplies: At the end of July there are $24,150.00 supplies on-hand. Motinn Sonrinn 22,750.00 110 100 Supplies Cash Purchase Supplies for Cash x x 22,750. 1,020.00 500 200 Supplies Expense Accounts Payable XX 1,020 00 Additional Information t: The $48,000.00 beginning balance in the Equipment account relates to the mowing equipment which was purchased on January 2, 2020. For information related to this mowing equipment see Page 70 in the Solid Footing text (PDF 07 - Intro to Adjusting Entries). This equipment continues to be used and should be depreciated for the month of July. The following information relates to the new equipment which was purchased on July 1, 2021: The new equipment was placed into service on July 1, 2021 and should be depreciated for the month of July. The estimated useful life of the new equipment is 5 years. At the end of 5 years, the new equipment will have no future value and will be scrapped. - The new equipment will be depreciated using the straight-line method. At the end of July there are $24,150.00 supplies on-hand Service niversity: The monthly mowing service was provided to the university per the contract signed on April 1, 2021 For information on the contract with the university and the related advance payment, see Pages 95 and 98 in the Solid Footing text (PDF 08 - Adjusting Entries Continued). Due ployees: The last wage payment was made to the employees on July 28, 2021. The employees worked on July 29, 30, and 31. For these three days of work the employees earned $3,375.00 of wages. These three days of wages will be paid to the workers during the first week of August Loan: The interest on the loan from 1st Bank will be paid every three months. The first interest payment the hole on Ink 1 and the Page # 1 Posted Debit Credit 1 Account Account Name Day Number 100 Cash 250 Notes Payable Borrowed on Note Payable XX 35,000.00 35,000.00 1 100 300 65,700.00 Cash Common Stock Issued Common Stock 65,700.00 150 100 Equipment Cash Purchase Equipment for Cash 43,800.00 x x 43,800.00 -1 515 100 500.00 Truck Rental Expense Cash Pay Cash for July Truck Rental XX 500.00 -3 105 400 Accounts Receivable Service Revenue Invoice Customer for Complete Mowing 4.725.00 4.725.00 Supplies Expense Supplies X suaigne Supplies: At the end of July there are $24,150.00 supplies on-hand. Motinn Sonrinn 22,750.00 110 100 Supplies Cash Purchase Supplies for Cash x x 22,750. 1,020.00 500 200 Supplies Expense Accounts Payable XX 1,020 00 Additional Information t: The $48,000.00 beginning balance in the Equipment account relates to the mowing equipment which was purchased on January 2, 2020. For information related to this mowing equipment see Page 70 in the Solid Footing text (PDF 07 - Intro to Adjusting Entries). This equipment continues to be used and should be depreciated for the month of July. The following information relates to the new equipment which was purchased on July 1, 2021: The new equipment was placed into service on July 1, 2021 and should be depreciated for the month of July. The estimated useful life of the new equipment is 5 years. At the end of 5 years, the new equipment will have no future value and will be scrapped. - The new equipment will be depreciated using the straight-line method. At the end of July there are $24,150.00 supplies on-hand Service niversity: The monthly mowing service was provided to the university per the contract signed on April 1, 2021 For information on the contract with the university and the related advance payment, see Pages 95 and 98 in the Solid Footing text (PDF 08 - Adjusting Entries Continued). Due ployees: The last wage payment was made to the employees on July 28, 2021. The employees worked on July 29, 30, and 31. For these three days of work the employees earned $3,375.00 of wages. These three days of wages will be paid to the workers during the first week of August Loan: The interest on the loan from 1st Bank will be paid every three months. The first interest payment the hole on Ink 1 and the Page # 1 Posted Debit Credit 1 Account Account Name Day Number 100 Cash 250 Notes Payable Borrowed on Note Payable XX 35,000.00 35,000.00 1 100 300 65,700.00 Cash Common Stock Issued Common Stock 65,700.00 150 100 Equipment Cash Purchase Equipment for Cash 43,800.00 x x 43,800.00 -1 515 100 500.00 Truck Rental Expense Cash Pay Cash for July Truck Rental XX 500.00 -3 105 400 Accounts Receivable Service Revenue Invoice Customer for Complete Mowing 4.725.00 4.725.00
