The Edmonton Building Company had the following adjusting entry information on December 31 its year end. 1-The
Question:
The Edmonton Building Company had the following adjusting entry information on December 31 its year end.
1-The company had $1,100 in the supplies general ledger account on January 1st. The company purchased $3,300 of supplies and debited the supplies expense for the purchase. The company did a year end count of the supplies and determined there was $1,290 of suppies at the end of the year.
2-The company had $4,300 of unearned revenues in the general ledger account on December 31st. The accountant checked with the managers in the field and found out that $3,200 of the unearned revenues was now earned at December 31st.
3-The company purchased equipment worth $410,000 on February 1st. The equipment had a salvage value of $50,000. The equipment had a ten year life. 1A. What is the debit for the first adjusting entry provided above.
Answer 1
1B. What is the credit for the first adjusting entry provided above.
Answer 2
1C. What is the amount that should be used for the first adjusting entry provided above.
Answer 3
2A. What is the debit for the second adjusting entry provided above.
Answer 4
2B. What is the credit for the second adjusting entry provided above.
Answer 5
2C. What is the amount that should be used for the second adjusting entry provided above.
Answer 6
3A. What is the debit for the third adjusting entry provided above.
Answer 7
3B. What is the credit for the third adjusting entry provided above.
Answer 8
3C. What is the amount that should be used for the third adjusting entry provided above.
Interpreting and Analyzing Financial Statements
ISBN: 978-0132746243
6th edition
Authors: Karen P. Schoenebeck, Mark P. Holtzman