At December 31, the unadjusted trial balance of H& R Tacks reports Equipment of $ 30,000 and zero balances in Accumulated Depreciation— Equipment and Depreciation Expense. Depreciation for the period is estimated to be $ 6,000. Prepare the adjusting journal entry on December 31. In separate T- accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance.
Answer to relevant QuestionsMatch each situation below to two applicable reasons that require an adjustment to be made. At December 31, the unadjusted trial balance of H& R Tracks reports Software of $ 25,000 and zero balances in Accumulated Amortization and Amortization Expense. Amortization for the period is estimated to be $ 5,000. Prepare ...Why should responsibilities for certain duties, like cash handling and cash recording, be separated? What types of responsibilities should be separated? What are the arguments for and against replenishing all petty cash funds at the end of each accounting period? The petty cash custodian reported the following transactions during the month. Prepare the journal entry to record the replenishment of the fund. A $ 10 cash payment is made to Starbucks to purchase coffee for a business ...
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