Adjusting journal entries using the information below. Add ledger accounts as necessary. ???A physical inventory reveals a
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Adjusting journal entries using the information below. Add ledger accounts as necessary.
- ???A physical inventory reveals a balance of $300 of supplies.
- ???The company estimates that 2% of net sales will be uncollectible.
- ???Interest on the Hamilton Bank note is accrued.
- ???Depreciation for the building purchased on February 1, 2015 is recorded. The building has an estimated salvage (residual) value of $22,000.
- ???After preparing the income statement, accrue income tax payable and close net income to retained earnings
Requirement 3: adjusted trial balance.
Requirement 4: multistep income statement and classified balance sheet.
1) What is the estimated life of the building?
2) When the bonds mature, what amount of cash will be necessary to repay the bonds?
Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina
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