Current Attempt in Progress Edward Roddick is the new owner of Ace Computer Services. At the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Current Attempt in Progress Edward Roddick is the new owner of Ace Computer Services. At the end of August 2023, his first month of ownership, Roddick is trying to prepare monthly financial statements. Below is some information related to unrecorded expenses that the business incurred during August. 1. At August 31. Roddick owed his employees $3,000 in wages that will be paid on September 1. 2. 3. 4. At the end of the month, he had not yet received the month's utility bill. He estimated the bill would be approximately $780. On August 1, Roddick borrowed $30,000 from a local bank on a 15-year roortgage, with the principal being repaid at the end of 15 years. The annual interest rate is 8%. A telephone bill in the amount of $158 covering August charges is unpaid at August 31. Prepare the adjusting journal entries as at August 31, 2023, suggested by the information above. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Current Attempt in Progress Edward Roddick is the new owner of Ace Computer Services. At the end of August 2023, his first month of ownership, Roddick is trying to prepare monthly financial statements. Below is some information related to unrecorded expenses that the business incurred during August. 1. At August 31. Roddick owed his employees $3,000 in wages that will be paid on September 1. 2. 3. 4. At the end of the month, he had not yet received the month's utility bill. He estimated the bill would be approximately $780. On August 1, Roddick borrowed $30,000 from a local bank on a 15-year roortgage, with the principal being repaid at the end of 15 years. The annual interest rate is 8%. A telephone bill in the amount of $158 covering August charges is unpaid at August 31. Prepare the adjusting journal entries as at August 31, 2023, suggested by the information above. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)
Expert Answer:
Answer rating: 100% (QA)
Here are the adjusting journal entries as of August 31 2023 Wages Expen... View the full answer
Posted Date:
Students also viewed these accounting questions
-
Alex Roddick is the new owner of Ace Computer Services. At the end of August 2020, his first month of ownership, Roddick is trying to prepare monthly financial statements. Below is some information...
-
Andy Roddick is the new owner of Ace Computer Services. At the end of August 2008, his first month of ownership, Roddick is trying to prepare monthly financial statements. Below is some information...
-
State whether the following statement are True or False An increase in the owner(s) equity, in the absence of any further investment by the owners is typically effected by sale transactions.
-
Which will be larger, gross domestic product or gross national product?
-
Determine the approximate probing distance of a photon with an energy of 2.0 keV.
-
In an examination of the Marco Corporation as at December 31, 19X2, you have learned that the following situations exist. No entries in respect thereto have been made in the accounting records. 1....
-
Camus Blalack, process engineer, knows that the acceptance of a new process design will depend on its economic feasibility. The new process is designed to improve environmental performance. On the...
-
calculate Interest Coverage (EBIT/ Interest expense) with the given information Net revenue Cost of goods sold Gross profit Operating expenses February 27, February 28, Note 2022 2021 17,20 $ 1,18...
-
Compute the earthwork volume between the following two stations "A" and "B". Your answer will be in cubic yards "CY" XXXX.XX two place accuracy Station "A" = 2600.2 + 36.2' Cross sectional volume at...
-
Think about some high-profile blunders in recent news, whether in the world of sports, business, or entertainment. How do you think the company or individual involved did at delivering a public...
-
Using the Kraljic model, analyse how sustainability can be achieved in supply activities. In light to manufacturing activities, what are some of the sustainable practices that can be adopted in a)...
-
At today's executive meeting your company's CEO said: "On the planning and strategic level, we need holistic marketing problem solvers who are just as likely to recommend a product improvement as...
-
Write a report that presents Amazon experience with ERP system in marketing department . Your report should contain many topics such as the following: 1. Introduction: a. Brief introduction about the...
-
3. Give two examples from the movie of each type of stroke. Explain your thinking for each and identify the impact of each example on the relationships in the movie. (8 marks) 4. Identify characters...
-
To what extent should personal religious beliefs impact our decisions about business ethics? To what extent do your personal religious (or non-religious) beliefs about life impact your sense of...
-
Digital Fruit is financed solely by common stock and has outstanding 25 million shares with a market price of $10 a share. It now announces that it intends to issue $160 million of debt and to use...
-
Read a bit about Zaras manufacturing and distribution model (Wikipedia will do). Why was Zaras business model so successful?
-
Fill in the Blank. The Duhamel integral can be used to find the response of ___________ single-degree-of-freedom systems under arbitrary excitations.
-
Sandblasting is a process in which an abrasive material, entrained in a jet, is directed onto the surface of a casting to clean its surface. In a particular setup for sandblasting, the casting of...
Study smarter with the SolutionInn App