The unadjusted trial balances for the month of January as follows: Cash 363,600 Accounts receivable
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Question:
The unadjusted trial balances for the month of January as follows:
Cash | 363,600 | |
Accounts receivable | 208,500 | |
Inventory | 83,000 | |
Prepaid rent (Adjustment #1) | 15,000 | |
Delivery truck (Adjustment #2) | 41,000 | |
Accumulated depreciation | - | |
Accounts payable | 59,800 | |
Wages Payable (Adjustment #3) | 7,000 | |
Income tax payable (Adjustment #4) | - | |
Unearned revenue (Adjustment #5) | 14,000 | |
Common shares | 478,000 | |
Retained earnings | - | |
Sales revenue | 381,000 | |
Service revenue | 18,000 | |
Cost of goods sold | 216,000 | |
Wages expense | 25,000 | |
Rent expense | - | |
Depreciation expense | - | |
Income tax expense | - | |
Dividends declared | 5,700 | ?????????? |
Totals | 957,800 | 957,800 |
Record the adjusting journal entries for the month if the following happens:
1-Rent was prepaid for the period of January to December. One month has now been used.
2-The delivery truck is anticipated to last 10 years and have a residual value of $4,000.
Related Book For
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
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