At December 31, the following information was available. Make any necessary adjusting entries in spaces provided

1. The machine were purchased for $34995 on 12/1 and have an estimated useful life of 5 years with zero salvage value. The company uses

straight line depreciation. Make the depreciation adjustment for the machine for the month of December

2. A physical count of supplies at month end shows $675 worth of supplies on hand. Supplies had a beginning balance of $615.

The company had purchased $563 worth of supplies during the month

3. The four-year note payable for $70000 had an APR of 9% and was purchased on 12/1.

Make the adjustment relating to the note

4. $7000 was prepaid for rent on 12/1 for months of December through April.

Make the adjustment for prepaid rent.

5. Brain's music shop accrues wages in the amount of $705 per day. Payroll is distributed every 2 weeks. Brains last paid its

employees on 12/24. Make the necessary payroll adjustment

6. As of 12/31 Brian's music shop still owed $815 of services to the client from the transaction on 12/6, who had prepaid

$3400 for services

7. The amount recorded for services provided on account on 12/15 should have been $51000 instead of $5100. Correct the

error using only one journal entry

Answer rating: 100% (QA)

Here are the adjusting entries for the given transactions 1 Depreciation expense for the machine De... View the full answer