Journalize the following adjusting entries that were included on the work sheet for the month ended December
Question:
Dec. 31 Salaries for three days are unpaid at December 31, $ 2,700. Salaries are $ 4,500 for a five-day week.
31 Insurance was bought on September 1 for $ 3,600 for 12 months’ coverage. Four months’ coverage has expired, $ 1,200.
31 Depreciation for the month on equipment, $ 50, based on an asset costing $ 3,200 with a trade- in value of $ 200 and an estimated life of five years.
31 The balance in supplies before adjustment totaled $ 154. The amount of supplies on hand at the end of the year is $ 72.
Step by Step Answer:
POST DATE DESCRIPTION REF DEBIT CREDIT 20 Adjusting Entries ...View the full answer
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
Related Video
Depreciation of non-current assets is the process of allocating the cost of the asset over its useful life. The cost of the asset includes the purchase price, any additional costs incurred to bring the asset to its current condition and location, and any other costs that are directly attributable to the asset. The useful life of the asset is the period over which the asset is expected to be used by the company. To calculate the depreciation, companies use different methods such as straight-line, declining-balance, sum-of-the-years\'-digits, units-of-production, and group depreciation. The chosen method will depend on the type of asset, the company\'s accounting policies, and the accounting standards that are applicable. The straight-line method allocates an equal amount of the asset\'s cost over its useful life, while the declining-balance method calculates depreciation at a fixed rate, typically double the straight-line rate, but the amount of depreciation decreases over time. The sum-of-the-years\'-digits method is similar to the declining-balance method, but the rate of depreciation is calculated using a fraction that is based on the useful life of the asset. It\'s important to note that the depreciation expense will be recorded on the company\'s income statement and the accumulated depreciation will be recorded on the company\'s balance sheet. This will decrease the value of the asset on the balance sheet over time.
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