From the following transactions as well as additional data, complete the entire accounting cycle for Petes Plowing
Question:
Adjustment Data
a. Snow supplies on hand, $200
b. Rent expired, $600
c. Amortization on office equipment ($6,000 ÷ 4 yr. $1,500 ÷ 12 = $125), $125
d. Amortization on snow equipment ($9,600 ÷ 2yr.$4,800 ÷ 12 = $400), $400
e. Salaries accrued, $300
Transcribed Image Text:
2012 Jan.3 To open the business, Pete invested $8,000 cash and $9,600 worth of snow equipment. 3 Paid rent for five months in advance, $3,000. 5 Purchased office equipment on account from Russell Co., $6,000. 6 Bought snow supplies, $350. 9 Collected $7,000 for plowing during winter storm emergency 12 Pete paid his home telephone bill using a company cheque, $70. 20 Billed Eastern Freight Co. for plowing fees earned but not to be 8 received until March, $6,500. Advertising bill was received from Jones Co. but will not be paid until next month, $350. Paid salaries to employees, $1,800. Paid Russell Co. one-half of amount owed for office equipment. Paid telephone bill of company, $165. 23 26 30 31
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Related Book For
College Accounting A Practical Approach
ISBN: 978-0132564441
11th Canadian Edition
Authors: Jeffrey Slater, Brian Zwicker
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