Alberto Rock is the new owner of Summer Computer Services Inc. At the end of August 2014,
Question:
1. At August 31, Alberto owed his employees $6,000 in wages that would be paid on September I.
2. At the end of the month, he had not yet received the month's utility bill. Based on previous experience, he estimated the bill would be $900.
3. On August I, Alberto invested $60,000 of the company's funds with a local bank in a 180 day guaranteed investment certificate. The annual interest rate is 3%.
4. Rent of $1,200 for September was paid on August 31 and charged to rent expense.
Instructions
Use the information to prepare the adjusting entries as at August 31, 2014.
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Related Book For
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
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