Merchandise Inventory, before adjustment, has a balance of $7,700. The newly counted inventory balance is $8,200....

 

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Merchandise Inventory, before adjustment, has a balance of $7,700. The newly counted inventory balance is $8,200. Unearned Seminar Fees has a balance of $6,200, representing prepayment by customers for five seminars to be conducted in June, July, and August 2016. Two seminars had been conducted by June 30, 2016. Prepaid Insurance has a balance of $13,200 for six months insurance paid in advance on May 1, 2016. Store equipment costing $7,000 was purchased on March 31, 2016. It has a salvage value of $520, and a useful life of six years. Employees have earned $270 that has not been paid at June 30, 2016. The employer owes the following taxes on wages not paid at June 30, 2016: SUTA, $8.10, FUTA, $1.62; Medicare, $3.92; and social security, $16.74. Management estimates uncollectible accounts expense at 1% of sales. This year's sales were $2,200,000. Prepaid Rent has a balance of $6,900 for six months rent paid in advance on March 1, 2016 The Supplies account in the general ledger has a balance of $420. A count of supplies on hand at June 30, 2016 indicated $160 of supplies remain. The company borrowed $7,000 from First Bank on June 1, 2016 and issued a four- month note. The note bears interest at 6%. Based on the above information, record the adjusting journal entries that must be made for Garibaldi Consulting on June 30, 2016. The company has a June 30 fiscal year-end for the general journal. (Do not round intermediate calculations and round your final answers to 2 decimal places.) Merchandise Inventory, before adjustment, has a balance of $7,700. The newly counted inventory balance is $8,200. Unearned Seminar Fees has a balance of $6,200, representing prepayment by customers for five seminars to be conducted in June, July, and August 2016. Two seminars had been conducted by June 30, 2016. Prepaid Insurance has a balance of $13,200 for six months insurance paid in advance on May 1, 2016. Store equipment costing $7,000 was purchased on March 31, 2016. It has a salvage value of $520, and a useful life of six years. Employees have earned $270 that has not been paid at June 30, 2016. The employer owes the following taxes on wages not paid at June 30, 2016: SUTA, $8.10, FUTA, $1.62; Medicare, $3.92; and social security, $16.74. Management estimates uncollectible accounts expense at 1% of sales. This year's sales were $2,200,000. Prepaid Rent has a balance of $6,900 for six months rent paid in advance on March 1, 2016 The Supplies account in the general ledger has a balance of $420. A count of supplies on hand at June 30, 2016 indicated $160 of supplies remain. The company borrowed $7,000 from First Bank on June 1, 2016 and issued a four- month note. The note bears interest at 6%. Based on the above information, record the adjusting journal entries that must be made for Garibaldi Consulting on June 30, 2016. The company has a June 30 fiscal year-end for the general journal. (Do not round intermediate calculations and round your final answers to 2 decimal places.)

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Adjusting Entries Evet ab c d e f g h i i k Date Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Ju... View the full answer